Energy security is a challenge for the country’s power sector. Ghana has traditionally been dependent on its hydropower resources for base load capacity, while thermal power sources have mainly been used to meet peak demand. Ghana is slowly embracing non-hydro renewables. Sustained stretches of drought conditions have made the country wary of continued dependence on hydropower. Ghana is therefore pushing ahead with diversifying its energy resources and is using the non-hydro renewable sector to this effect. Feed-in tariffs (FiT) for renewable power producers have been announced, and two large renewable power projects are already being constructed, with more expected to follow.
Overview of the Ghana Power Sector
Power consumption in Ghana has been increasing in recent years, and grew at a compound annual growth rate (CAGR) of 3.4% between 2000 and 2015 due to a rise in both industrial and residential consumption, as well as governmental programs such as rural electrification projects. The following figure shows the relationship between gross domestic product (GDP) and annual power consumption in Ghana during the period 2000-2015
GlobalData’s latest report Ghana Power Market Outlook to 2030, Update 2016 – Market Trends, Regulations, and Competitive Landscape elaborates Ghana’s power market structure and provides historical and forecast numbers for generation, capacity and consumption up to 2030. Detailed analysis of the Ghana power market’s regulatory structure, import and export trends, competitive landscape, and power projects at various stages of the supply chain is provided. The report also gives a snapshot of the power sector in Ghana on broad parameters of macroeconomics, supply security, generation infrastructure, transmission infrastructure, degree of competition, regulatory scenario, and future potential. Financial performance of the leading power companies is also analyzed in the report.
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