The world community has been reassured by President Nana Addo Dankwa Akufo-Addo that Ghana is fully committed to boosting the country’s share of renewable energy in the energy mix.
President Akufo-Addo said that “we will continue to increase the share of renewable energy in our electricity generation mix, as well as explore the options of hydrogen gas and other clean energy sources to meet our energy needs” while speaking at a high-level event on sustainable energy for all that was organized by Bloomberg Philanthropies on the sidelines of COP27 in Sharm el-Sheikh, Egypt.
Energy transition has become a responsibility for everyone on the planet, especially in light of the effects of climate change and the global energy crisis caused by Russia’s invasion of Ukraine, according to President Akufo-Addo.
He said it has become essential for Ghana to develop plans and strategies toward the creation of a net-zero energy sector, while zealously pursuing the country’s economic development, given that the country is a signatory to the Paris Agreement and other international conventions that demand the country to reduce its levels of carbon dioxide emissions.
He emphasized that “under the Paris Agreement, our updated Nationally Determined Contributions reinforce the country’s willingness to combat the impacts of climate change and build a resilient economy for our people.”
Ghana’s position on the energy transition is to keep using its natural resources responsibly for development and transition at its own speed, said President Akufo-Addo. The Ghanaian government is aware of the developed nations’ actions in relation to in relation to energy transition, and their effect on us.”
He explained to the audience that in light of the world’s transition to net zero, it is now vital for the Government of Ghana to create an Energy Transition Framework that will serve as a roadmap for the nation.
The President further stated that in order to produce the National Energy Transition Framework, which will help Ghana transition to a net-zero economy by 2070 in a just and equitable manner and minimize potential stranded assets and job losses in the oil and gas sector, the Government of Ghana directed the Committee to conduct extensive stakeholder consultations in addition to expert input.
Five dollars is projected to be the transition’s overall cost at five hundred and sixty-one billion dollars (US$561.8 billion), the President added.
Energy Transition
At the High-Level Meeting on “Just Energy Transformation,” which he also spoke at, President Akufo-Addo mentioned that Ghana had created a National Energy Transition Framework to serve as a blueprint and guide for the country’s energy transition.
According to the President, all currently in place policies and programs aimed at realizing Ghana’s Nationally Determined Contributions were taken into account when creating this framework.
Wide stakeholder engagements were done to make sure that the framework adequately captured and addressed the energy transition concerns in different regions of the nation. According to him, these groups included both organized and unorganized labor, market women, academic institutions, Ministries, Departments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs), and the global community.
Wide stakeholder engagements were done to make sure that the framework adequately captured and addressed the energy transition concerns in different regions of the nation. According to him, these groups included both organized and unorganized labor, market women, academic institutions, Ministries, Departments and Agencies (MDAS), Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners (DPs), and the global community.
Using an estimated generation tariff of less than US$4.5 cents per kilowatt hour, the Framework, he said, offers the most cost-effective and sustainable path to secure fuel supplies, a diverse energy mix, and cost-effective electricity generation—all of which will hasten Ghana’s socioeconomic development.