The total renewable energy supply in Ghana has been on a declining trend since peaking in 2014 at 48.23 units. By the year 2023, it decreased to 37.13 units, reflecting a -3.42% year-on-year variation in 2023. Over the past five years, the compound annual growth rate (CAGR) has averaged -3.28%. Looking forward, the forecast estimates a further decline with a projected value of 30.67 units by 2028, at a forecasted 5-year CAGR of -3.06%, translating to an overall 14.41% reduction over the forecast period.
Future trends to watch for:
- Government policies and incentives promoting renewable energy investment and development.
- Technological advancements in renewable energy sources to improve efficiency and lower costs.
- Global and local economic factors influencing funding and expansion of renewable projects.
- Public and private sector partnerships to boost renewable energy initiatives.
- Environmental and social pressures driving the shift towards more sustainable energy solutions.
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