Ghana Hosts Africa Oil Week, Energy Minister Calls for Just Energy Transition and Increased Investment

Ghana’s Minister for Energy and Green Transition, Hon. John Jinapor, delivered a compelling call for equitable energy development at the historic 31st Africa Oil Week, marking the first time the prestigious event has been hosted outside Cape Town in three decades.

Speaking to captains of industry, policy makers, and investors from across the globe, Minister Jinapor emphasized Africa’s right to sustainable development while addressing the continent’s stark energy challenges.

A Historic Moment for Ghana:

“I must confess that I’m very delighted to be the host minister for this important gathering,” Jinapor said, welcoming delegates to Accra. “After 30 years of hosting the Africa oil week in Cape Town, South Africa, for the first time, Accra has had the opportunity to host this prestigious event, and we are very, very proud of this achievement.”

The Minister expressed Ghana’s enthusiasm for future hosting opportunities, stating: “Yesterday, I did say that it’s like the taste of honey having tasted the Africa oil week for the first time, we are losing our boots again to host it if given another opportunity.”

Demanding Justice in Energy Transition:

Minister Jinapor delivered a powerful message about Africa’s position in global energy discussions, challenging the international community to ensure fairness in the transition to cleaner energy sources.

“Africa cannot accept a transition that side-lines development, exaggerates poverty and ignores the stark energy deficiency that still grapples the continent,” he declared. “When we talk of energy transition, we insist that it ought to be just, it ought to be equitable, and it ought to be fair, because Africa, which consists about 19% of the world population, contributes just about 4% to global warming.”

The Minister painted a stark picture of Africa’s energy crisis: “Over 600 million people in Africa do not have access to electricity. In rural Africa, just about 28% have access to electricity. About 1 billion Africans do not have access to clean cooking.”

He emphasized the massive investment gap, noting that “Africa requires about 55 billion to 90 billion every year if we are to achieve energy sufficiency, and yet we are able to mobilize under 20% of that amount.”

Major Investment Announcements:

In a significant boost for Ghana’s energy sector, Minister Jinapor announced substantial new investments in the upstream petroleum sector.

“I’m happy to report that the score card shows that we are making significant progress,” he said, revealing that Ghana has secured major commitments from international partners.

The Minister highlighted these achievements as evidence of growing confidence in Ghana’s energy sector: “This is not just a figure on paper. It is a vote of confidence in Ghana’s upstream petroleum sector. Is a vote of confidence in our economy and a commitment to job creation and a catalyst for the infrastructure that will propel our nation to achieve accelerated inclusive growth.”

Balancing Fossil Fuels and Renewables:

Despite the focus on oil and gas development, Minister Jinapor emphasized Ghana’s commitment to renewable energy, announcing a significant policy shift under President Mahama’s administration.

“Let me use this opportunity to assure the world and this gathering that we are not solely focused on hydrocarbons or fossil fuels. Ghana is deeply committed to promoting renewable energy as a core component of its sustainable development agenda,” he stated.

The Minister revealed that President Mahama has launched an ambitious “gas to power policy, which is a strategic initiative aimed at utilizing the country’s natural gas resource to generate electricity, thereby enhancing energy security, reducing over reliance on fossil fuels and supporting sustainable development.”

He also announced that Ghana is making remarkable progress in renewable energy: “Today, I can boast that Ghana is on course to achieving 35% renewable energy in its overall electricity generation mix by the end of this year.”

Ghana’s Regional Energy Leadership:

Minister Jinapor highlighted Ghana’s growing role as a regional energy hub, stating: “I’m happy to inform you that here in Ghana, we are making some significant strides. We are not just supplying enough power for Ghana, but we are exporting power to Togo, to Benin, to Cote d’Ivoire and to Burkina Faso. That is no mean achievement.”

A Call to Global Investors:

The Minister concluded with an urgent appeal to the international investment community, emphasizing Africa’s readiness for business partnerships.

“Our message is clear. Ghana is actively working with our partners to unlock new opportunities, attract new investment, and incentivize the exploration that will replenish our resource base and ensure long term energy security,” Jinapor declared.

The 31st Africa Oil Week in Accra represents a pivotal moment for Ghana’s energy sector and Africa’s broader energy future, with Minister Jinapor’s address setting the tone for discussions on balancing development needs with environmental responsibilities.

The Africa Oil Week continues in Accra through the week, bringing together energy stakeholders from across the continent and beyond to discuss the future of Africa’s energy landscape.