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Format
3 files (PDF report, 2 Excel files)
Pages
32 (Report only)
Delivery
Immediate by e-mail
Table of Contents
  • GENERAL OVERVIEW
  • INSTITUTIONS AND ENERGY POLICY
  • ENERGY SUPPLY
  • ENERGY PRICES
  • ENERGY CONSUMPTION
  • ISSUES AND PROSPECTS
  • DATA TABLES
  • ABBREVIATIONS
  • GLOSSARY

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Overview

This analysis includes a comprehensive Ghana energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.

Highlights

  • Ghana is seeking to develop 1.5 GW of wind and solar by 2030.
  • The country targets carbon neutrality by 2060.
  • The Volta River Authority remains a dominant player in power generation, but its market share is shrinking.
  • Tullow operates fields accounting for three quarters of oil output, while Eni controls two thirds of gas production.
  • Electricity generation is growing rapidly, increasingly based on gas.
  • Gas production has tripled since 2018.
  • Energy prices tend to be higher than in neighbouring countries.
  • Since 2016, electricity prices in dollar terms declined by more than 40%.
  • Total energy consumption is increasing rapidly since 2017 (7%/year).
  • The share of gas in the energy mix rose from 5% in 2010 to 25% in 2022.
  • The country aims to more than double its oil production by 2025.
63%
share of gas in electricity production (2022)
x 3
gas production since 2018
11%
annual growth in electricity production since 2016
  • Institutions & Energy Policy

    The Ministry of Energy is responsible for the whole energy sector and replaced the former Petroleum and Power Ministries.

    The Natural Resources, Environment and Climate Change (NREC) Unit, which is part of the Ministry of Finance, oversees the climate policy.

  • Energy Supply

    Oil:

    Since 2019, oil output declined by 10%/year to 7.6 Mt. Previously, oil production more than doubled from 2016 (4.5 Mt) to 2019 (10.4 Mt).

  • Energy Prices

    Oil:

    In 2015, the government authorised oil distributors to freely set pump prices. Previously, prices were regulated and subsidised. Gasoline and diesel prices in dollar terms tend to follow international oil prices; in 2022, they rose by 38% and 63%, respectively.

  • Energy Consumption

    In 2022, total per capita energy consumption was 0.39 toe (27% below the average for Sub-Saharan Africa) and electricity consumption was 560 kWh/cap (58% above the Sub-Saharan African average).

    Total energy consumption has increased very rapidly since 2017 (+7%/year) to 13 Mtoe.

  • Issues & Prospects

    To meet its economic growth, the country is working on important projects aimed at the diversification of its energy supply through the development of the use of natural gas and the construction of power plants, while continuing to develop its hydroelectricity and oil resources.

  • GRAPH 1: CO2-energy emissions (MtCO2)
  • GRAPH 2: Installed electric capacity by source (2022, %)
  • GRAPH 3: Gross power production by source (TWh)
  • GRAPH 4: Power generation by source (2022, %)
  • GRAPH 5: Gasoline & diesel prices (US$/l)
  • GRAPH 6: Electricity prices for industry and households (USC/kWh)
  • GRAPH 7: Consumption trends by energy source (Mtoe)
  • GRAPH 8: Total consumption market share by energy (2022, %)
  • GRAPH 9: Final consumption market share by sector (2022, %)
  • Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
  • Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
  • Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
  • Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
  • Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.

The Ghana energy market data since 1990 and up to is included in the Excel file accompanying the Ghana country report.
It showcases the historical evolution, allowing users to easily work with the data.

Key Data included in the excelsheet:

  • Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
  • Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
  • Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
  • Energy Balance: total and per energy.
  • Ghana Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Ghana energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).