The cassava market in Ghana has experienced various fluctuations from 2014 to 2023. In 2023, the market stood at 7.71 million metric tons, marking a year-on-year increase of 1.04%. Over the past two years, the market volume showed a moderate upward trend. However, the compound annual growth rate (CAGR) averaged only 0.54% over the last five years.
The historical data highlight key points:
- In 2015, the market saw a decline of 1.82%.
- Significant growth occurred in 2017 and 2018, with increases of 6.43% and 8.44%, respectively.
- The market faced a substantial dip in 2020 by 3.92%.
- From 2021 onwards, volumes gradually increased with a CAGR of 3.03% up to 2021.
Future Trends to Watch for:
The cassava market is expected to continue its moderate growth, with forecasts suggesting a CAGR of 0.82% from 2024 to 2028. This anticipated growth will result in a total increase of 4.18% over the next five years, reaching 8.12 million metric tons by 2028. Potential factors influencing this trend include advancements in agricultural practices, government policies, and market demand shifts.
