Deputy Energy Minister Hon. Herbert Krapa has said that Ghana is on the path to providing universal access to electricity by 2024.

He made these remarks when he participated in a panel discussion at a G20 India 2023 Energy Transition Working Group event in the Indian city of Goa recently under the theme the theme ‘Powering Progress In The Global South, Accessible and Affordable Clean Energy for All’

Hon. Krapa emphasised that the Ministry of Energy took a bold step after United Nations Climate Change Conference (COP26) in Glasglow, Scotland, to develop the country’s Energy Transition Framework which was launched in Egypt during COP27.

On the power situation in the country, the Deputy Minister revealed that Ghana’s installed energy capacity has reached 5,367MW, with solar energy representing 3.2% of the total installed capacity. In line with the renewable energy policy target, he said, Ghana will reach 1,350MW of installed modern renewable energy capacity in the mix by 2030.

Beyond 2030, he stated that the future energy mix by 2070 will be anchored on a transition pathway towards carbon-neutrality within a secure and efficient energy sector.

“The economy will be fueled largely by electricity with a future electricity demand modelled at 380,000 GWh with a corresponding installed generation capacity of 83GW by 2070. An estimated 200Million ton of CO2 equivalent emission will be saved when it's finally done.Our installed renewable energy capacity will increase from 10% (1,350MW) in 2030 to 20% renewable or 21,000MW by 2070. Gas fired power plants will account for 34% and 46% of electricity installed capacity to come from nuclear energy”, Hon Krapa revealed.

On the cost implications of energy transition in the power sector, he estimated that the transition will result in the cost of electricity generation below 4.5 US Cents/kWh and over 1.4 million new jobs will be created in the energy sector due to introduction of new technologies.

He however reiterated that the required financing for the sector is projected at US$562 billion, and that African countries must take the lead to invest locally/domestically in its energy transition programmes which has to be just and equitable before looking for external support.

The conference, which has since ended, attracted investors, public policy officials, political players, climate change campaigners and others from across the world to discuss ways of achieving accessible and clean energy for all in the future.