February 24, 2024
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RENEWABLE ENERGY

Ghana Seeks Investors for $550 Billion Energy Transition Plan

Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, disclosed that the West African country is seeking investors to undertake projects outlined in the Energy Transition Plan which requires about $550 billion capital to realise.

The Plan, among other things, aims to scale up renewable energy, introduce nuclear energy in the country’s energy mix, and deploy clean cooking solutions and low-carbon solutions such as Carbon Capture Utilisation and Storage, according to Energy News Africa.

Addressing a gathering of investors during Ghana Day at the Ghana Pavilion at the Conference of Parties at COP28 conference currently underway in Dubai, the minister said he anticipated that most of the project funding would come from private sector capital and de-risking instruments.

Ghana, according to the Minister, would pursue policy reforms and provide a suitable environment for the execution of the energy transition projects.

“Investments are also needed for the deployment of electric vehicles in replacement of Internal Combustion Engines, the construction of electric and hydrogen fuel cell charging stations, the production of biofuels, the replacement of biomass industrial boilers with electric boilers, and the provision of energy-efficient electrical appliances for the residential and service sectors among others,” he said.

He continued that “the realisation of the requisite capital would culminate in universal access to affordable and reliable power by 2024, economy-wide decarbonization, socio-economic development, about 400,000 new jobs, and above all, net-zero emissions in the country by 2060.”

The minister used the opportunity to invite all investors to partner with the Government of Ghana to undertake the projects in the country’s Energy Transition Framework to drive industrialisation and achieve the net-zero targets.

 

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