In 2023, the sorghum processing volume in Ghana stood at 52.0 thousand metric tons. Over the past two years, the market experienced a moderate increase, with a year-on-year variation of 1.96% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years was -0.38%, indicating a slightly declining trend from 2018 to 2023.
Analyzing longer-term trends, there was a significant volume fluctuation from 2014 to 2023. Notably, sorghum processing saw substantial growth in 2018 with a 35.9% increase following a period of stagnation and decline. The market then stabilized with moderate growth rates around the 2% mark from 2019 to 2022 before a small uptick in 2023.
Future trends to watch for:
- Steady growth: Forecasts suggest a 5.77% increase in sorghum processing volume from 2023 to 2028.
- Moderate annual growth: The forecasted 5-year CAGR is 1.13%, indicating continuous but modest growth.
- Market stability: Continued small increments signal market stabilization and potential for future scalability.
