The total renewable energy supply (excluding solid biofuels) in Ghana exhibited fluctuations from 2013 to 2023, starting at 7.97 units in 2013 and declining to 4.94 units in 2023. The period saw a notable drop by 33.17% in 2015, followed by further declines with some minor improvements, like the 15.88% increase in 2019. The most recent two years, 2022, saw a 2.41% drop in comparison to 2021, while 2023 recorded a continued decline of 2.46% year-on-year. Over the last five years, the compound annual growth rate (CAGR) was -2.12%, indicating a generally declining trend.
Looking ahead, Ghana’s renewable energy supply is forecasted to decrease steadily, reaching 4.33 units by 2028, with a projected five-year growth rate of -10.15%. This suggests a continued reduction with an average annual decrease in the region of -2.12%. Factors influencing these trends could include market developments, technological advancements, policy changes, and investment flows. Future trends to watch for include government initiatives, international support, technological integration of renewable energy solutions, and private sector investments, all of which could potentially alter the current trajectory.
