The raw sugar equivalent market in Ghana stood at 313.0 thousand metric tons in 2023. Over the past decade, the market has experienced fluctuations with an initial increase from 317.0 in 2014 to 355.0 thousand metric tons in 2017. This was followed by a decline to 301.0 thousand metric tons in 2018. The market showed recovery until 2022 but decreased slightly in 2023. From 2023, the market is forecasted to experience a minor decline with a -0.17% CAGR until 2028, leading to a volume of 309.66 thousand metric tons. Recent yearly changes show a marginal -0.32% decrease in 2023.
- From 2014 to 2017, there was significant growth in the market, with a peak in 2017. Key year-on-year increases include 2.52% in 2015, 4% in 2016, and 5.03% in 2017.
- 2018 saw a sharp decline of -15.21%, followed by a recovery trend peaking at 4.98% in 2019.
- The last two years’ variations indicated a slight decrease, with -0.32% in 2023.
- The five-year CAGR of 0.78% until 2023 reveals a modest long-term growth in market size.
Looking forward, the market is expected to decline slightly with forecasts suggesting a -0.17% CAGR until 2028. Key factors to monitor include changes in consumer demand, government sugar policies, and the impact of global sugar prices on the local market.
