The Energy Minister Advocates Vigorously For Ghana In Barcelona, Emphasizing Natural Gas As The Country’s Transitional Fuel.
Speaking at the North Africa and Europe Energy Exhibition and Conference (NAEPEC) Energy Minister Dr. Matthew Opoku Prempeh has asked investors and decision-makers gathered to explore several opportunities in Ghana’s energy sector for the mutual benefit of both Ghana and the investors.
As the keynote speaker addressing the topic of “Ghana’s Current Energy Sector Initiatives, Global Energy Transition, and Opportunities in Near-Term Projects,” the Energy Minister expressed that Ghana, and Africa as a whole, has emerged as a new hub for oil and gas operations. However, the country faces competition for risk-capital in an industry that is being threatened by the Energy Transition agenda and a shift in investment focus from fossil fuels to renewable energy sources.
Dr. Prempeh explained that Ghana’s energy sector is primarily governed by an energy policy that prioritizes the sustainable utilization of the country’s energy resources and the development of necessary infrastructure. The policy also aims to provide affordable and dependable energy for both domestic and industrial purposes.
The Energy Minister believes that the worldwide energy transition offers Ghana, as well as the rest of the world, a chance to enhance existing policies and initiatives in order to facilitate the development of all sectors of the economy by providing affordable and dependable energy. In addition, the transition offers an opportunity to improve the quality of the air people breathe.
He stated, “Our energy transition plans must therefore consider all sectors of our economies, with focused efforts directed towards achieving decarbonization, energy security, access, and efficiency, to accelerate industrialization while simultaneously reducing carbon dioxide emissions and energy demand.”
The Minister went on to say, “Addressing these challenges requires implementing policy and regulatory reforms, creating fiscal market development and incentives, and achieving sustainable consumption and production of energy at the national, sub-regional, and continental levels.”
The Energy Minister, who also serves as the Member of Parliament for Manhyia South, stated that Ghana’s Energy Transition Framework, valued at US$562 billion, is designed to establish a reliable and sustainable pathway for ensuring fuel supply security, a diversified energy mix, and cost-effective electricity generation. The estimated medium to long-term average electricity generation tariff of US$4.5 cents/kwh is intended to speed up Ghana’s socio-economic development.
The Minister expressed that the implementation of the transition framework will result in the generation of more than 1.4 million new jobs, and he extended an invitation to all present to participate in Ghana’s energy transition journey. He stated, “We need private sector partnerships to develop clean energy resources and the associated infrastructure through mutually beneficial transactions.”
The Minister added, “The creation of a Petroleum Hub is one of the Government’s key private-sector-led anchor initiatives, which will serve as a new growth pillar in the Ghanaian economy. This phased project, valued at US$60 billion, will be a substantial addition to Ghana’s economy, as the country will become a net exporter of petroleum products.”
The Minister emphasized that natural gas plays a crucial role in Ghana’s energy transition framework for both power and non-power applications in the medium to long term, and it is expected to be derived from domestic sources. “For us, natural gas will serve as the transitional fuel for electricity production, industrial heating, and transportation,” he reiterated.
he Minister continued, “The establishment of the African Continental Free Trade Area (AfCFTA) has unquestionably created the world’s most extensive free trade area, measured by the number of participating countries. The agreement establishes a market of over 1.3 billion people across 55 countries, with a combined GDP of roughly four trillion United States Dollars (US$4 trillion).”
Dr. Prempeh highlighted that Ghana’s political stability and optimistic outlook undoubtedly provide the basis for its hosting of the headquarters of the African Continental Free Trade Area. He stated that this is undoubtedly a catalyst for rapid investment returns, as investors who pursue opportunities in Ghana will be exposed to multiple markets on the African continent.
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