The demand for oilseeds in Ghana has shown substantial growth from 2014 to 2023, increasing from 2.44 million metric tons to 4.49 million metric tons in 2023. Growth has been characterized by significant jumps, especially notable in 2015 with a 37.92% increase and 2018 with a 20.57% rise. However, there were also periods of decline, such as in 2016, 2019, and 2020. The Compound Annual Growth Rate (CAGR) over the last five years averaged at 1.89%. In 2023, the oilseed demand grew by 2.61% year-on-year.
Looking ahead, the forecasted annual growth rate for the next five years stands at 1.95%, culminating in an overall growth of 10.16% by 2028. The demand by 2028 is expected to reach 5.08 million metric tons. Key trends to monitor include the impact of agricultural policies, advancements in farming technology, and climatic conditions, which could significantly influence both the supply and demand dynamics in the oilseeds market.
