Deputy Energy Minister urges investors to tap into Ghana’s booming energy sector

The Deputy Minister of Energy and Green Transition, Mr. Richard Gyan-Mensah, has called on investors to capitalize on the vast opportunities in Ghana’s energy sector.

He emphasized that Ghana remains a prime investment destination for energy projects in West Africa, with the government committed to ensuring energy security, affordability, universal access, and regulatory stability.

He made this appeal at the Ghanaian-German Economic Association Business Forum, hosted under the patronage of the German Ambassador to Ghana, H.E. Daniel Krull.

The Deputy Minister mentioned that the government was ready to welcome investors in the energy sector. He stated that the investment prospects in the energy sector are enormous, citing the growing electricity demand of 300MW annually and monthly petroleum product consumption of more than 400,000 metric tons.

“Ghana is a leading destination for energy investments in West Africa and beyond. As a government, our transformational agenda in the energy sector is anchored on 4 cardinal principles: energy security, affordability, universal access, and regulatory predictability. In the petroleum sector, the construction of a second Gas Processing Plant with the capacity of 150-300 mmscfd is under consideration,” he added

Mr Gyan-Mensah disclosed the government’s plans to construct a new offshore mooring facility in Tema with expanded storage in Takoradi to accommodate the growing demand, reduce congestion and demurrage, and guarantee a steady supply of petroleum products.

He noted that GRIDCo was reinforcing existing lines and building new lines to improve the electricity supply.

“Government is constructing a new 330kV line and a new transmission line from Tamale through Bimbila to Kejebi as well as upgrading the existing 69kV Asiekpe-Ho line to 161kV,” he said,

Mr. Gyan-Mensah further encouraged investments in renewable energy that reflect the President’s vision with the introduction of ‘Green Transition.’

“In implementing the National Energy Transition Framework, the Ministry is dedicated to increasing the proportion of non-hydro renewable energy from less than 3% to 10% by the year 2030 and continuing the construction of new mini-hydro dams to meet the energy demand,” he stated.

According to him, the Ministry will be rolling out 12,000 net-metered solar PV systems and 35 mini-grids.

“The Ministry is also championing the Renewable Energy Authority Bill to promote renewable energy generation and investment. This shows our government’s commitment to the Green Transition,” he added.