The renewable electricity generation excluding hydroelectricity in Ghana has shown a fluctuating yet generally increasing trend from 2013 to the projected values in 2028. In 2023, the actual value stood at 0.044 units. The year-on-year growth rates have been variable, with significant growth in the early years like 2014 (32.39%) transitioning to steadier increases in recent years, such as 2023 (4.7%). The Compound Annual Growth Rate (CAGR) for the past five years leading up to 2023 averaged at 5.47%. Looking ahead, the forecasted CAGR over the next five years to 2028 is projected at approximately 3.02%, indicating a moderated growth trajectory.
Future trends to watch for include:
- The continued integration of renewable sources into Ghana's energy mix.
- Policy changes and government incentives promoting renewable energy.
- Technological advancements and cost reductions in renewable energy technologies.
- Potential impacts of global economic conditions on renewable energy investments.