Ghana needs $550bn for Energy Transition Strategy over next 40 years – President

Ghana will require not less than $550 billion to successfully implement its Energy Transition Strategy over the next 40 years, President Nana Addo Dankwa Akufo-Addo has announced.

He has therefore called for stronger and greater collaboration among all stakeholders to enable the country to implement the strategy successfully since its benefits would far outweigh the cost.

“This national framework is ambitious but it is attainable. It is anticipated that some $550 billion will have to be raised over the next 40 years equivalent to some 10 per cent of our annual Gross Do­mestic Product (GDP). This may appear huge, yet it may appear less what will be spent if we carried on unconcerned.”

President Akufo-Addo disclosed this at the seventh edition of the annual Energy Awards organised by Energy Media in Accra.

This year’s event was on the theme: ‘Ghana’s Energy Transition Framework: Sector Institutions as Building Blocks for 2030-2040 Targets’.

President Akufo-Addo stated that Ghana’s Energy Transition Framework would have long-term advantages for the economy, society and environment.

“It will increase our energy security, diversify our energy mix, create jobs, boost health, help to eradicate poverty and safeguard our natural resources. The frame­work will also position Ghana as a world leader in energy transition and will be amongst the first coun­tries both in Africa and beyond, to attain universal access to clean and modern energy by 2030,” he emphasised.

He said the country would be amongst the first countries to use carbon capture utilisation and storage technology to decarbonise its energy industry and this would demonstrate to the world that low carbon development could be perceived without sacrificing economic growth or social progress.

To achieve this, the President said the cooperation and support of all parties, domestic and foreign were needed, stressing that “the energy transition framework that we have developed and are set to implement is more than just a document.”

“It is an expression of our pa­triotism and responsibility to skate to safeguard our country from the dangers of climate change. It demonstrates our global leadership and excellence in promoting the universal Agenda for Sustainable Development. And I urge you all to join me in making this framework a reality.

The Deputy Minister of Energy, Mr Andrew Egyapa Mercer on his part, said the wards was one of such important events on the energy calendar.

He said as a signatory to the Paris Agreement and Producer of Oil, it was important that the country lend support around the relevant issue around the broad issue of energy transition.

Mr Mercer said the target set both in the medium to the long term would come to naught unless institutions and individuals were empowered to help in its attain­ment.

He said the country’s position on energy transition under President Akufo-Addo was clear and unequiv­ocal, stressing that “we remain alive to the realities of the dangers of climate change. We remain committed to our obligations in this space have already made progress.”

In all more than 15 institutions and individuals were awarded with the Managing Director of Bulk Oil, Storage and Transportation (BOST) Company as the Energy Personality of the Year.

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