Hon. Dr. Matthew Opoku Prempeh, Minister of Energy for the Republic of Ghana, has confirmed his participation at African Energy Week 2022 where he will showcase investment opportunities within the country’s energy sector
The African Energy Chamber (AEC) (www.EnergyChamber.org) is honored to announce the attendance and participation of Hon. Dr. Matthew Opoku Prempeh, Minister of Energy for the Republic of Ghana, at the continent’s premier energy event, African Energy Week (AEW) 2022 which will take place on October 18-21, 2022, in Cape Town, South Africa. Hon. Dr Prempeh will lead a delegation of representatives from Ghana’s oil and gas market to Cape Town following successful networking and industry discussions held with market stakeholders, investors and government representatives during the 2021 edition.
The attendance of Hon. Dr. Prempeh at this year’s edition of AEW will be a game changer for both the African oil and gas market as well as for Ghana, as the west African country seeks to increase the participation of international players to strengthen its hydrocarbons sector. Ghana has made significant progress to boost its energy sector in recent years under the leadership of Hon. Dr. Prempeh, and now, in 2022, the Ministry of Energy prioritizing increasing investments to further revitalize the energy market as well as enhancing gas production, monetization and utilization as a key energy transition resource.
With the demand for gas anticipated to increase in Ghana from 300 million cubic feet per day (mmcfd) to 900 mmcfd between 2020 and 2040, according to a study conducted by London-based business consultant firm Baringa, Ghana has embarked on a series of programs that are aimed at increasing investments within the upstream sector in a bid to meet a large share of the demand using locally sourced resources. This is where projects such as the Pecan phase 1a and 1b offshore Ghana – which oil and gas company Aker Energy is expected to announce a Final Investment Decision for in 2026 and 2027 – will come into play to increase Ghana’s domestic production capacity by adding 230 million barrels of oil equivalent.
However, with domestic gas production too low to meet demand increases in the medium term, the Ministry of Energy plans to make Ghana a regional hub, utilizing gas from Nigeria which will be transported via the 678km West African Gas Pipeline to meet demand. The establishment of the Petroleum Hub Development Corporation in 2020 supports the development of gas storage and processing infrastructure, utilizing projects such as the $350 million Tema Liquefied Natural Gas import terminal – which was initiated by the ministry under the leadership of Hon. Dr. Prempeh in 2017.
A number of projects and policies have also been put in place by Ghana to ensure the country’s revenue accrued from gas increases. In this regard, the ministry is planning to expand its gas exports by supplying countries such as Togo, Benin and Burkina Faso.
“Despite Africa suffering from a decline in investments for oil and gas projects, greenfield investments in countries such as Ghana and Nigeria are set to increase the continent’s cumulative capital for the 2022 – 2025 period. This shows the significance of Ghana’s hydrocarbon reserves in expanding Africa’s oil and gas market in years to come, and further emphasizes the role the country will play in Africa’s energy future,” stated Tomás C. Gerbasio, Strategy and Business Development Director for AEW.
Meanwhile, on the electricity side, policy reforms introduced by the ministry under the leadership of Hon. Dr. Prempeh have significantly improved energy access. According to the World Energy Council, by 2020, Ghana increased the share of its population with access to electricity to 85% as the country targets to achieve universal access by 2030. Regulatory frameworks such as the Ghana Strategic National Energy Plan 2006-2020 – which was implemented to revitalize the country’s entire energy value chain – and the Ghana Renewable Energy Master Plan – implemented in 2019 to increase renewable deployment from just 79 MW in 2019 to 1,363 MW by 2030 – are playing a key role in helping the west African country to address energy poverty.
“Ghana has been at the forefront of leveraging policy reforms to modernize its energy sector and Africa as a whole needs to replicate such progressive mechanisms to allow the full monetization of energy resources and the alleviation of energy poverty. We welcome the participation of Hon. Dr. Prempeh once again at Africa’s premier energy event, and look forward to the discussions that will be led by the minister in Cape Town,” continued Gerbasio.
In Cape Town, Hon. Dr. Prempeh will present the value and role of regulation in driving energy sector growth. AEW 2022 represents a platform for Hon. Dr. Prempeh, as well as other ministers, to network with public and private sector executives from leading and emerging hydrocarbon producing countries in Africa, as well as regional and global investors, while at the same time showcasing the range of investment opportunities across Ghana’s energy market. At AEW 2022, the Minister will participate in Ministerial forums and panel discussions which will focus on how Africa can attract investments to boost oil and gas production and the regulatory requirements to boosts the monetization of hydrocarbons for economic growth.