The President of Ghana, John Mahama has declared that Africa stands at a defining turning point, calling on the continent to take charge of its own energy transition by aggressively developing its resources to drive industrialization.
Delivering the keynote address on behalf of the President of Ghana at the Africa Oil Week (AOW) opening ceremony in Accra, the Chief of Staff to the President, Hon. Dr. Julius Debrah, emphasized that energy resources must drive industrialization and job creation across the continent.
“Africa is at a redefining point, yet energy assets still constrain industrialization and job creation.”
“We must attract the capital required to create more jobs. We believe Africa must use its energy wealth as a foundation for industrialization and shared prosperity.”
“Since assuming office, we have taken steps to restore confidence in Ghana’s petroleum sector while ensuring we receive fair and lasting returns from our resources. Our message is clear: Ghana is open for business.”
“Africa must steward its own transition. We must develop our hydrocarbons aggressively while also building a sustainable energy future. We must strengthen regional energy cooperation and mobilize African and international capital.”
“Government will continue to support energy infrastructure and prioritize Ghana’s interest while being open to international partnerships.”
“The measure of Africa Oil Week will be the quality of what we deliver together. African energy power will be defined by sustainable energy, the industries built, and the jobs created,” Dr. Debrah said.
Backing the presidency’s investment drive, Ghana’s Minister of Energy and Green Transition, Hon. Dr. John Jinapor, announced a series of major fiscal and policy overhauls aimed at creating a more competitive investment climate.
“We are reforming our fiscal regime, including reducing GNPC interest from 15% to 10% and extending the duration of petroleum agreements from 10 to 25 years.”
“Natural gas will remain central to Ghana’s energy transition. We have improved domestic gas consumption and made a savings of $500 million in one year. Our objective is to work with all our partners so that Ghana is a conducive place to conduct business.”
“If Africa is to advance and achieve development objectives, we must work together. When we work together, we will make progress. Africa has the market; what we need is the discipline to build credible institutions and mobilize capital for an economically prosperous and energy-secure Africa,” Dr. Jinapor stated.