The Primary Energy Supply (PES) in Ghana measured in Million Tonnes Of Oil Equivalent (MTOE) has shown a steady increase from 8.88 MTOE in 2013 to an estimated 13.48 MTOE in 2023. This represents a year-on-year increase of 3.61% in 2023. Over the last five years, the Compound Annual Growth Rate (CAGR) has been 4.92%. Key variations include a significant growth of 13.25% in 2018 and a steady rise of around 4% annually since 2020.
Looking forward, from 2024 onwards, the PES is forecasted to continue its upward trend, reaching 15.35 MTOE by 2028. The forecasted 5-year CAGR is expected to be 1.99%, indicating a more measured growth rate with an overall projected increase of 10.35% by 2028.
Future Trends to Watch For:
- Emergence of renewable energy sources affecting PES dynamics.
- Government policies and international energy market fluctuations influencing energy supply.
- Technological advancements improving energy extraction and efficiency.
- Impact of environmental sustainability initiatives on energy consumption patterns.
- Economic growth driving increased energy demand and supply adjustments.
