Energy Minister, Dr. Matthew Opoku Prempeh, says Ghana’s Energy Transition and Investment Plan aims to attract US$ 550 billion in capital investments to scale up renewable energy and introduce nuclear energy into the country’s energy mix.
Additionally, the plan seeks funding for the deployment of clean cooking solutions and low-carbon technologies such as Carbon Capture Utilization and Storage.
Dr. Prempeh disclosed this while addressing investors during Ghana’s Energy Day at the Ghana Pavilion at the Conference of Parties (COP28) currently underway in Dubai, UAE.
He mentioned that the Energy Transition Investment Plan (ETIP) anticipates that the majority of the funding for the projects will come from private sector capital and de-risking instruments.
According to the Minister, the Government of Ghana will pursue policy reforms and provide a conducive environment for the execution of the energy transition projects.
“Investments are also needed for the deployment of electric vehicles in replacing 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 “The realization of the requisite capital will culminate in universal access to affordable and reliable power by 2024, economy-wide decarbonisation, socio-economic development, about 400,000 new jobs, and above all net-zero emissions in the country by 2060.”
The Manhyia South lawmaker used the opportunity to invite all investors to partner with the Government of Ghana in undertaking the projects outlined in our Energy Transition Framework. This collaboration aims to drive industrialization and help achieve our net-zero targets.
“As I said earlier, our doors are always open, and I look forward to several partnerships,” he concluded.