Forecast: Vehicles in Use in Ghana

The number of vehicles in use in Ghana has shown steady growth between 2013 and 2023, except for a significant dip in 2020, likely influenced by global events such as the COVID-19 pandemic. As of 2023, the vehicle count stood at 1,150,000 units. The year-on-year variation over the past two years reflects an average growth rate of around 5.43%, while the five-year CAGR indicates an average yearly increase of 2.97%. Looking ahead from 2024, the forecast predicts a steady rise, with an estimated 1,300,000 units by 2028, reflecting a five-year CAGR of 2.04% and a cumulative growth rate of 10.6%.

Future trends to watch include the impact of governmental policies encouraging electric vehicle adoption, potential infrastructural developments, and economic factors that may affect vehicle importation and ownership costs. Advancements in automotive technology and changing consumer preferences could also influence market dynamics significantly.