Energy consumption in Ghana's services sector has shown variances from 2013 to 2023. Initial years witnessed significant fluctuations, with notable growth in 2013 (24.17%) and 2016 (12.74%). The CAGR during these periods revealed an uneven rising trend, indicating erratic energy demand. However, the recent period from 2020 onwards shows stabilization, with moderate increases in 2022 (2.62%) and 2023 (2.74%), establishing a steadier pattern. By 2023, the consumption stood at a value of 5.63, reflecting a gradual recovery from previous dips.
Looking forward, the forecasted data from 2024 to 2028 point towards a consistent upward trajectory in energy consumption. The projected CAGR for the next five years is 1.87%, with an anticipated overall growth rate of 9.71%. These figures suggest a robust expansion in the services sector's energy needs, driven by economic development and increased commercial activities.
Future trends to watch for include the impact of energy-efficient technologies, government policies on renewable energy adoption, and potential fluctuations due to economic changes. Monitoring these factors will be crucial in understanding and planning for energy requirements in Ghana’s services sector.
