Energy
From The Report: Ghana 2024
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The capacity and capability of Ghana’s energy sector is anticipated to expand in the coming years, helping increase overall revenue and maintain a steady inflow of foreign direct investment. Hydrocarbons comprised an average of 4.5% of the country’s GDP annually between 2013 and 2021, and the sector was projected to contribute $935m to GDP in 2023. Oil and gas production is projected to grow in line with Ghana’s population and economic growth, while the drive to build more infrastructure across the country is expected to result in a subsequent increase in demand for oil and gas-related products.

This chapter contains interviews with Matthew Opoku Prempeh, Minister of Energy; Opoku-Ahweneeh Danquah, CEO, Ghana National Petroleum Corporation; and Edwin Alfred Nii Obodai Provencal, Managing Director, Bulk Energy Storage and Transportation Company.

Articles from this Chapter

Overview

Future focused: Expanding production targets, new exploration activity and infrastructure development efforts draw investment
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In light of the country’s demographic and economic growth, Ghana’s energy sector is set to expand in capacity and capability over the coming years. Following the discovery of commercial oil reserves in 2007, Ghana’s oil and gas sector has emerged as a significant player in West Africa’s energy landscape. The offshore Jubilee Field, which lies 60 km from the mouth of the Tano River, was the country’s first move into oil production. Subsequent discoveries in the Tweneboa-Eyenra-Ntomme (TEN),…

Interview

Sparking change: Matthew Opoku Prempeh, Minister of Energy, on Ghana’s potential as a petroleum producer, and increasing renewable energy capacity and universal access to electricity
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Interview:Matthew Opoku Prempeh What is Ghana’s value proposition as an oil and gas investment destination, and what can be done to enhance its appeal to foreign investors? MATTHEW OPOKU PREMPEH: Ghana’s sedimentary basins hold significant gas and high-quality, light sweet crude oil prospects. The legal, regulatory and fiscal regimes governing the upstream industry are predictable, transparent and progressive, ensuring businesses get a return on their investment and attracting companies…

Analysis

Transition planning: Alternative energy demand and production is picking up pace in line with the transition away from hydrocarbons
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The energy transition continued apace in 2022 despite Russia’s invasion of Ukraine in February of that year, ongoing disruptions to supply chains and inflationary pressures – all of which translated into high energy prices around the globe. However, sustained high prices may mark an inflexion point in shifting the global energy system away from a dependence on hydrocarbons and towards lower-cost clean energy resources. Hydrocarbons are unevenly distributed around the world, require supply chains…

Interview

Increased resources: Opoku-Ahweneeh Danquah, former CEO, Ghana National Petroleum Corporation (GNPC), on oil and gas investment
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Interview:Opoku-Ahweneeh Danquah How can Ghanaian companies benefit from hydrocarbons exploration in the Volta Basin? OPOKU-AHWENEEHDANQUAH: Exploration activities in the Volta Basin represent a unique opportunity for Ghana to benefit from new hydrocarbons resources. The aim of this project is to establish a working petroleum system within the basin to increase the country’s hydrocarbons reserves, boost dedicated capacity to support onshore upstream oil and gas development, and increase…

Interview

Fuel the transition: Edwin Alfred Nii Obodai Provencal, Managing Director, Bulk Energy Storage and Transportation Company, on building energy infrastructure and utilising technology solutions
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Interview:Edwin Alfred Nii Obodai Provencal In which areas can Ghana invest to diversify its petroleum transport and storage infrastructure? EDWIN ALFRED NII OBODAIPROVENCAL: With natural gas being a transition fuel, investment in its storage and transport is expected to be key for Ghana’s energy sector. The potential in this field is immense, aligning with the country’s efforts to transition towards the use of cleaner energy sources. This shift not only bolsters environmental responsibility,…