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Ghana's Energy Landscape
Installed capacity (MW) Source: Energy Information Administration (EIA)
Attributes
A strong middle class, few trade barriers and a competitive business environment differentiate Ghana as a top emerging market for foreign investment. (U.S. News & World Report)
Plentiful natural resources including hydro, biomass, solar, wind and tidal energy augment Ghana’s renewables investment potential to rank among the highest on the continent. (Mondaq)
Ghana is one of Africa’s fastest-growing hydrocarbon markets with supply and potential demand increasing steadily (African Energy Chamber)
Ghana’s electrification rates are among the highest in Africa with 95% in urban areas and 87% overall. (Energy & Utilities)
Economic landscape
Recently encumbered by world issues including the pandemic alongside government debt and high inflation, Ghana’s economy is expected to recover to its potential growth by 2025. (World Bank)
In May 2023 the International Monetary Fund signed a $3bn support deal to reduce Ghana’s debt levels and stimulate energy sector reforms in conjunction with development partner the World Bank. (IMF)
Policy adjustments aimed at increasing FDI coupled with renewed investor sentiment mark the start of Ghana’s economic recovery plan, as international trade commitments such as the UK-Ghana investment group pledge funds to back Ghana’s new business and energy programmes. (Gov.uk)
Opportunities
Under Ghana’s Integrated Power Sector Master Plan 2019, major sources of renewables including solar PV and onshore wind will assist Ghana’s 2030 target to achieve universal energy access. (IRENA)
While government and consumers adjust to the long-term shift towards greener energy, hydrocarbons remain key to Ghana’s energy growth, with new oil discoveries in 2021 bolstering the country’s position as an attractive energy investment hub with an appealing regulatory framework. (Oxford Business Group.)
In Q3 2023 Ghana shaved a decade of their 2070 target to achieve net-zero emissions through the launch of the USD 550 billion Energy Transition and Investment Plan pegged for completion by 2060. (Global Africa Business Initiative, Republic of Ghana)
Ghana’s journey towards modern energy integration will see local manufacturers and renewable energy technology companies delivering homegrown content and partnerships to accelerate private sector investment. (Ministry of Finance)
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