The production of vegetable oils in Ghana has shown a steady growth trend from 255.0 thousand metric tons in 2014 to 531.0 thousand metric tons in 2023. The production significantly increased between 2014 and 2015 with a year-on-year growth of 52.55%. However, the subsequent years experienced fluctuating growth rates, with a minor decline in 2016 and 2020. In the last two years, the year-on-year variation stood at 2.91% both in 2022 and 2023. The compound annual growth rate (CAGR) for the past five years from 2019 to 2023 was 2.73%.
Looking ahead, forecasts indicate continued growth in the production of vegetable oils, with projections reaching 609.22 thousand metric tons by 2028. The forecasted CAGR over the next five years is estimated at 2.16%, resulting in an aggregated growth rate of 11.28%. This suggests a sustained, albeit moderate, upward trajectory in production volumes.
Key future trends to watch for include the impact of technological advancements in agricultural practices, potential shifts in domestic and international demand, and policy changes in trade and environmental regulations influencing the vegetable oil market.
