Energy Minister Matthew Opoku Prempeh has said Ghana’s Energy Transition and Investment Plan (ETIP) seeks to attract US$550 billion in capital investments to scale up renewable energy and introduce nuclear energy in the country’s energy mix and for the deployment of clean cooking solutions and low-carbon solutions such as Carbon Capture Utilisation and Storage.

Dr Prempeh revealed this when he addressed investors during Ghana’s Energy Day at the Ghana Pavilion at the Conference of Parties (COP28) currently underway in Dubai, UAE.

The Energy Transition Investment Plan (ETIP), he said, anticipates that the majority of the funding for the projects will come from private sector capital and de-risking instruments. 

The Government of Ghana, according to the minister, will pursue policy reforms and provide a suitable environment for the execution of the energy transition projects.

“Investments are also needed for the deployment of electric vehicles to replace Internal Combustion Engines, the construction of electric and hydrogen fuel cell charging stations, the production of biofuels, the replacement of biomass industrial boilers with electric boilers and the provision of energy-efficient electrical appliances for the residential and service sectors among others,” he said.

He continued, “The realisation of the requisite capital will culminate in universal access to affordable and reliable power by 2024, economy-wide decarbonisation, socio-economic development, about 400,000 new jobs, and above all net-zero emissions in the country by 2060.”

The Manhyia South lawmaker used the opportunity to invite all investors to partner with the Government of Ghana to undertake the projects in our Energy Transition Framework to drive industrialisation and achieve our net-zero targets.

“As I said earlier, our doors are always open and I look forward to several partnerships,” he concluded.