Over the past decade, Ghana's vegetable oils export volume has shown significant fluctuations. After a marked drop in 2015, export volume nearly doubled in 2016, demonstrating high volatility. From 2017 to 2023, the trend stabilized, with moderate year-on-year increases and a Compound Annual Growth Rate (CAGR) of 3.54% for the last five years. In 2023, the export volume reached 263 thousand metric tons.
Key variations:
- 2014-2015: -10.32%
- 2015-2016: +94.69%
- 2022-2023: +3.14%
- Past 5 years CAGR: 3.54%
Future trends indicate moderate growth in Ghana's vegetable oil exports, with a forecasted CAGR of 2.22% from 2024 to 2028, leading to a total growth of 11.61% over this period. This consistent growth is expected as market conditions stabilize.
Future trends to watch for:
- Market demand shifts globally, particularly in emerging markets.
- Potential changes in agricultural policies and trade agreements.
- Technological advancements in oil production to enhance efficiency.
- Environmental sustainability efforts impacting production and trade.
