Analyzing the forecasted data for cotton domestic consumption in Ghana, we observe the following trends from 2024 to 2028. The consumption is projected to remain stable at 16.0 thousand units for 2024 and 2025, before increasing to 17.0 thousand units from 2026 to 2028. This indicates a stable demand followed by a slight increase, hinting at a steady growth pattern.
Assuming the consumption in 2023 was 15.5 thousand units, the year-on-year variation from 2023 to 2024 shows a 3.23% increase, reflecting a positive growth trajectory. From 2025 onwards, the forecast suggests a gradual rise, implying a Compound Annual Growth Rate (CAGR) over the five-year period (2024-2028) of approximately 1.52%.
Future trends to watch for include potential shifts in agricultural policies, changes in global cotton prices, and local production capabilities that could influence domestic cotton consumption. Additionally, economic conditions and technological advancements in textile manufacturing may play a crucial role in shaping the future demand for cotton in Ghana.
