Ghana’s energy sector is poised for significant growth after the signing of a Memorandum of Intent (MoI) valued at US$1.5 billion.
This agreement involves the Government of Ghana, Italian energy company ENI, Dutch multinational Vitol, and the Ghana National Petroleum Corporation (GNPC).
The announcement was made during Africa Oil Week ongoing in Accra by the Minister for Energy and Green Transition, John Abdulai Jinapor.The MoI outlines a comprehensive investment strategy aimed at boosting the country’s oil and gas production capabilities and optimizing resources to enhance energy security.
Mr. Jinapor stated that this investment is more than just a number; it reflects confidence in Ghana’s upstream petroleum sector and the economy.
It signifies a commitment to job creation and serves as a catalyst for infrastructure development that will advance the nation.
The minister pointed out that the government’s vision, as expressed by President John Dramani Mahama, is to foster a business environment that attracts investors while safeguarding Ghana’s national interests.
In line with this vision, the government has implemented the Gas-to-Power Policy, a crucial initiative designed to utilize Ghana’s natural gas resources for electricity generation.
This policy aims to decrease dependence on imported fossil fuels, improve energy security, and encourage sustainable development.
Mr. Jinapor also stressed the government’s dedication to reversing the recent downturn in oil production levels seen in recent years. He affirmed that the government will continue to revitalize the upstream petroleum sector to tackle the declining oil production and position Ghana as a competitive player in the global energy market.
This agreement marks a renewed collaboration between Ghana and international energy stakeholders, enabling the country to not only fulfill its domestic energy requirements but also to enhance its role as a significant energy hub in West Africa.
This landmark investment is anticipated to create new jobs, bolster Ghana’s energy infrastructure, and support economic growth., marking a significant step towards a more secure and sustainable energy future.