Ghana Energy Transition Plan
Ghana recently unveiled an energy transition and investment plan to achieve net zero emissions by 2060. This ambitious target is an update of the National Energy Transition Framework (NETF) which had a previous goal of achieving net zero emissions by 2070.
The country has outlined six decarbonization techniques to be pursued to ensure a smooth transition which it expects to cover over 90% of the targeted reduction by 2060. They are:
• Electrification and renewables
• Carbon capture and storage
• Low carbon hydrogen
• Battery Electric Vehicle technologies
• Clean Cooking technologies
• Negative Emission solutions
The current emissions of 28 Mt CO2 is estimated to rise to over 140 Mt in 2050. The bulk of these emissions’ growth will come from the transportation sector, driven by population growth, GDP per capita growth, and vehicle emissions.
Ghanaian officials expect to use the new plan to engage the international community and investors in supporting the country’s energy transition and sustainable development goals. When fully implemented, Ghanaian officials estimate that it would create almost 400,000 jobs, which will be an important aspect of the country’s industrialization drive given Ghana’s large, youthful population.
Ghana estimates that the cost of this energy transition and investment plan to be $550 billion. Ghana seeks to attract interested investors who will take advantage of the opportunities in this sector of the economy.
There are a few challenges which the country must overcome to achieve this goal. For example, it will require energy officials to integrate intermittent renewable sources like solar and wind into the grid. There must be substantial upgrades to the national grid to accommodate this projected increase in renewable energy generation capacity. The greatest effort, however, will be the ability to attract the needed investment given Ghana’s current economic crisis.
Opportunities for U.S. Companies:
• Electrification and renewables decarbonization solutions
• The deployment of civil nuclear for energy purposes and supporting goods and services to this effort
• Battery electric vehicles (BEV) technologies
Renewables including nuclear and expanding BEV use constitute more than seventy-five percent of Ghana’s plan to achieve net zero emissions. There is existing U.S. company interest in both sectors already, creating solid opportunities for partnerships in this sector.
For more information about developments related to, and commercial opportunities arising from Ghana’s Energy sector contact Commercial Service Ghana at Office.Accra@trade.gov or +233(0)30-274-1870. Please see our Country Commercial Guide and our wide range of market intelligence reports available on our website at www.trade.gov/ghana.