President Nana Addo Dankwa Akufo-Addo has assured the global
community of Ghana’s full commitment to increasing the country share of
renewable energy in the energy mix.
Speaking at a high-level event on Sustainable Energy for
All, organised by Bloomberg Philanthropies, on the sidelines of COP27 in Sharm
el-Sheikh, Egypt, President Akufo-Addo stated 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”.
According to President Akufo-Addo, “Energy transition has become
a global responsibility for us all, especially in view of the impact of climate
change, and the global energy crisis brought forth by the Russian invasion of
With Ghana being a signatory to the Paris Agreement and
other international conventions which require the country to reduce her carbon
dioxide emission levels, he indicated that it has become imperative for Ghana
to develop plans and strategies toward the creation of a net-zero energy sector
while aggressively pursuing the nation’s economic development.
“Our updated Nationally Determined Contributions, under the
Paris Agreement, affirm the country’s resolve to address the impacts of climate
change, and build a resilient economy for our people,” he stressed.
President Akufo-Addo continued: “Ghana’s position on energy
transition is to continue the responsible exploitation of our natural resources
for our development and transition at our own pace. The Government of Ghana is
mindful of the actions of the developed countries in relation to energy
transition and their effect on us”.
To this end, he told the gathering that it has, thus, become
necessary for the Government of Ghana to develop an Energy Transition Framework
that will guide the country as the entire world moves toward realising net zero
The President also said that the Government of Ghana, being
mindful of the implications of such a framework and its implementation on the
entire economy, directed the committee to undertake extensive stakeholder
consultations, in addition to expert input, to produce the National Energy
Transition Framework to guide its transition to a net-zero economy by 2070 in a
just and equitable manner, as well as minimise possible stranded assets and job
losses in the oil and gas sector.
The total cost of the transition is estimated at five
hundred and sixty-one billion dollars (US$561.8 billion), the President added.
President Akufo-Addo also addressed the high-level meeting
on ‘Just Energy Transition’, where he indicated that Ghana has developed a
National Energy Transition Framework to provide the vision and guidance for
Ghana’s energy transition.
In preparing this framework, the President stated that all
existing policies were considered, and the programmes that are being
implemented are geared toward achieving Ghana’s Nationally Determined
“Wide stakeholder consultations were held to ensure that the
energy transition issues in various parts of the country were captured and
addressed in the framework. These included organised and non-organised labour,
market women, academia, Ministries, Departments and Agencies (MDAs),
Metropolitan, Municipal and District Assemblies (MMDAs), Development Partners
(DPs) and the international community,” he said.
He explained that the framework provides the optimal and
sustainable pathway for fuel supply security, diversified energy mix and
cost-efficient electricity generation, with an estimated generation tariff of
less than US$4.5cents per kilowatt-hour to accelerate the socio-economic
development of Ghana.
“Ghana aims to achieve universal access by 2024. The Energy
Transition Framework will meet future electricity demand of 380 Terawatt-hours,
with a corresponding installed capacity of 83 Giga-Watts. Ghana’s diversified
energy mix will include 21 Gigawatts of renewable energy installed capacity,
which will provide the opportunity to enjoy a greater share in the renewable
energy carbon credit market,” he added.
The President continued: “The transition will mitigate 200
million tonnes of carbon dioxide of Green House Gas emissions, minimising
energy-related indoor air pollution and associated diseases. It is estimated
that 48,218 premature deaths will be avoided annually due to the improvement in
air quality, resulting from the impact of the transition”.