The Black Stars have been present at all Afcon editions since 2006, reaching the semi-finals five times and the final twice in 2010 and 2015.
“Ghana have the qualities to win every tournament but luck always elude them during tournaments. They can win this very championship but they need a bit of luck,” Renard told TV3.
“It is difficult to judge from the outside but Ghana always have big potentials, always with good players.
“Now the team is very different but at every Afcon, there is a chance for Ghana who normally are in the last four. Maybe they have to believe in themselves a bit more and be a bit lucky,” he added.
Ghana are in Group D alongside Egypt, Mali and Uganda, with the tournament kicking off this weekend in Gabon.
Renard guided Zambia and Cote d'Ivoire to clinch the Afcon in 2012 and 2015 respectively, becoming the only coach to achieve that feat.
He has also expressed his interest in coaching Ghana in the future.