Forecast: Passenger Cars in Use in Ghana

The number of passenger cars in use in Ghana increased steadily from 2013 to 2019, showing year-on-year growth rates of around 3-6%. However, 2020 saw a significant decline of 14.41%, likely due to the impact of the COVID-19 pandemic. This was followed by a robust recovery with a 17.92% increase in 2021. The growth in 2022 and 2023 was 8.2% and 2.71%, respectively. As of 2023, the number of passenger cars stood at 719 thousand units. Over the past five years, the average yearly growth rate (CAGR) was 3.01%.

Looking forward, the number of passenger cars is expected to grow steadily, with forecasted data showing a year-on-year increase that contributes to a projected 5-year CAGR of 2.04% by 2028. This suggests a slightly moderate but consistent growth trend.

Future trends to watch for:

• Potential impacts of economic fluctuations on car ownership.
• Government policies and incentives for electric and environmentally friendly vehicles.
• Infrastructure developments that could influence car sales and usage patterns.
• Technological advancements in vehicle manufacturing and affordability.