Forecast: Energy Consumption in Industry in Ghana

Ghana's industrial energy consumption has seen a fluctuating trend over the past decade. From 2013 to 2023, energy consumption initially declined significantly, particularly between 2013 and 2017, with the lowest point in 2017. However, a moderate recovery followed, with slight increases from 2018 onwards. As of 2023, the total energy consumption in the industry stood at 16.84 units. The year-on-year variation in 2022 and 2023 were relatively stable and showed minimal changes of 0.12% and 0.059% respectively. The Compound Annual Growth Rate (CAGR) over the last five years was 1.52%, indicating steady growth.

For the future, the forecast shows a very slight annual increase in energy consumption, with a 5-year CAGR projection of 0.05%, leading to a modest cumulative growth of 0.24% by 2028. Trends to watch for include advancements in energy-efficient technologies, potential shifts in industrial activities, and changes in energy policy, which could influence overall consumption patterns in the coming years.