Minister of Energy Dr. Matthew Opoku Prempeh called on investors and decision makers alike at the North African and European Energy Exhibition and Conference (NAEPEC) to explore several opportunities in Ghana’s energy sector for the mutual benefit of Ghana and its investors.
Speaking as the keynote speaker on the topic “Ghana’s current Energy Sector Initiatives, global energy transition, and opportunities available in Ghana’s near-term initiatives and projects”, the Minister said that Ghana and Africa are suddenly becoming new hotspots for oil. and gas activities but at the same time must compete for risk-capital in an industry whose very existence is being challenged by the Energy Transition agenda and the systematic shift in investment from fossil fuels to clean and renewable energy.
According to Dr. Prempeh, Ghana’s energy sector is largely governed by an energy policy that promotes the development of the country’s available energy resources as well as the development of the necessary infrastructure.
The policy also aims to achieve affordable and reliable energy for domestic and industrial consumption.
Energy Transition
In the view of the Minister, the global energy transition provides Ghana and the whole world, with the opportunity to improve existing policies and initiatives to support the development of all sectors of the economy through the provision of affordable and reliable energy and, importantly, improving quality. from the air that the world breathes.
“Therefore, our energy transition plan must consider all economic sectors with a deliberate effort to achieve decarbonization, energy security, access and efficiency to accelerate industrialization and lower carbon dioxide emissions and energy needs”. said
He continued; “These issues must be addressed through policy and regulatory reforms, development of fiscal markets and incentives to achieve sustainable energy consumption and production at the national, subregional and continental levels.
The Minister who is also Member of Parliament for Manhyia South said the $562.00 billion Ghana Energy Transition Framework aims to provide an optimal and sustainable pathway for fuel supply security, a diversified energy mix and cost efficient power generation in the medium to long term. electricity generation tariff of US$4.5 cents/kwh to accelerate Ghana’s socio-economic development.
SHORT TERM OPPORTUNITIES
The minister said the implementation of the transition framework will create more than 1.4 million new jobs and you are all invited to be part of Ghana’s energy transition story. “We need partnerships from the private sector to develop clean energy resources and related infrastructure through win-win transactions,” he said
“The establishment of the Petroleum Hub is one of the strategic anchor initiatives led by the government’s private sector that will be a pillar of Ghana’s economic growth. This US$ 60 billion phased project will be an important addition to the Ghanaian economy, as the country will become an exporter of petroleum products,” he added.
He also said that natural gas plays a critical role in the energy transition framework for power and non-power use in the medium to long term and is expected to come from domestic sources. “For us, natural gas will be a transitional fuel for electricity production, industrial heating and transportation,” he added.
He continued “the establishment of the African Continental Free Trade Area (AfCTA) will certainly create the largest free trade area in the world, measured by the number of participating countries. The pact has created a market of more than 1.3 billion people in 55 countries with a combined GDP of approximately Four Trillion Dollars United States (US$4 trillion).
Dr. Prempeh stressed that Ghana’s political stability and positive prospects certainly support the reason it hosts the headquarters of the African Continental Free Trade Area. This he said is a catalyst for quick return on investment as investors will be exposed to several markets on the African Continent if they pursue opportunities in Ghana.
Source: Peacefmonline.com/Ghana
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