The Minister for Energy, Dr Matthew Opoku Prempeh, has hinted that Ghana’s US$562 billion Energy Transition Framework aims to provide an optimal and sustainable pathway for fuel supply security, diversified energy mix and cost-efficient electricity generation.
He noted that the framework would result in an estimated medium to long-term average electricity generation tariff of 4.5 cents/kwh, which will in turn accelerate Ghana’s socioeconomic development.
He made the statement in a keynote address at North Africa and Europe Energy and Hydrogen Exhibition and Conference (NAEPEC) in Barcelona when he addressed the conference on the topic “Ghana’s current Energy Sector initiatives, the global energy transition and opportunities available in Ghana’s near – term initiatives and project.”
Dr Prempeh noted that the implementation of the transition framework would result in the creation of over 1.4 million new jobs.
He invited investors to explore several opportunities in Ghana’s energy sector for the mutual benefit of both.
According to him, Ghana, and Africa in general, has suddenly become a new hotspot for oil and gas activities but it must compete for risk capital in an industry whose very existence is being challenged by the Energy Transition agenda and the systematic shift in investments away from fossil fuels and toward clean and renewable energy.
Dr Prempeh stated that the energy sector in Ghana is governed by an energy policy that promotes the sustainable development of the country’s energy resources as well as the development of the necessary infrastructure.
He noted that the policy aims to achieve affordable and dependable energy for domestic and industrial use.
According to the Minister, the global energy transition provides an opportunity for Ghana and the entire world to improve on existing policies and initiatives to foster the development of all sectors of economies through the provision of affordable and reliable energy, as well as to improve the quality of the air the world breathes.
“Our respective energy transition plans must therefore take into perspective all the sectors of our economies with deliberate efforts channelled at achieving decarbonisation, energy security, access and efficiency to accelerate industrialization and yet lower carbon dioxide emissions and energy demand,” he said
Dr Prempeh emphasized that the political stability and positive prospects of Ghana are certainly the reasons why it hosts the African Continental Free Trade Area’s headquarters, adding that it would be a catalyst for quick returns on investment because investors would be exposed to several markets on the African continent if they pursue the opportunities in Ghana.
Irene Wirekoaa Osei, ISD
