Forecast: New Vehicles Registrations in Ghana

The data on new vehicle registrations in Ghana shows notable fluctuations over the past decade. From 2013, registrations declined significantly, dropping from 13.6 thousand units to as low as 4.8 thousand units in 2015. A brief recovery occurred in 2016, followed by a period of relative stagnation with minor increases and decreases year-on-year, leading to 5.43 thousand units in 2023. The year-on-year variation for 2023 showed a decrease of 2.76%, while the five-year CAGR stood at -5.15%. Forecast data indicates a continual decline, with registrations expected to reach 4.61 thousand units by 2028, reflecting a forecasted CAGR of -2.53%, translating to an overall five-year decrease of about 12.02%.

Future trends to watch for include:

• Potential economic factors impacting vehicle affordability and import policies.
• Changes in consumer preferences towards sustainable and electric vehicles.
• Government incentives and regulations aimed at boosting the automotive sector.
• Infrastructure developments that could influence vehicle demand.