Analyzing palm oil production in Ghana reveals significant growth from 2014 to 2023, where production rose from 121.0 thousand metric tons to 363.0 thousand metric tons. Notably, from 2022 to 2023, there was a 3.71% increase, while the five-year period CAGR stood at 3.01%. A striking year-on-year growth of 95.87% was observed in 2015, followed by more moderate changes in subsequent years. From 2018 to 2019, there was a slight reduction in production by -1.6%, but the trend generally showed resilience with an average annual growth.
Future forecasts from 2024 through 2028 suggest a steady increase in production, with a CAGR of 2.75%, leading to a projected production of 432.4 thousand metric tons by 2028. This reflects an overall growth rate of 14.51% over this forecasted period.
Future trends to watch for include advancements in agricultural practices, shifts in global demand, environmental sustainability efforts, and potential impacts of climate change on production capacity.
