The demand for groundnuts in Ghana has shown varied trends over the last decade. In 2023, the demand stood at 514 thousand metric tons. From 2014 to 2019, groundnut demand experienced fluctuations with minor annual gains and dips; notable were the significant 20.42% increase in 2018 and the subsequent declines in 2019 (-4.43%) and 2020 (-4.23%). From 2021 onward, there was a gradual recovery with moderate rises. Year-on-year variation for 2021 and 2022 displayed modest increases, while 2023 saw a 0.98% rise.
The compound annual growth rate (CAGR) over the last 5 years displayed an average variation of -0.19%. Looking forward, the CAGR from 2024 to 2028 is forecasted at 0.68%, suggesting a slow but steady increase, with a total growth rate of 3.47% over the next five years.
Future trends to watch for include the impact of climate change on agricultural yields, evolving consumer preferences, and potential trade policy changes that might affect groundnut supply chains. Additionally, technological advancements in farming practices could enhance productivity, potentially influencing future demand patterns.
