President John Dramani Mahama has welcomed global and continental energy leaders to Accra for Africa Oil Week 2025, describing the event as a milestone for Ghana and a platform to advance Africa’s energy future.

Addressing delegates, the president said the conference was not only to showcase Africa’s hydrocarbon potential but also to foster dialogue on how best to deploy resources for sustainable development, industrialisation, and energy security.

He commended Sankofa Events and other partners for their role in bringing the gathering to Ghana, adding that the country was committed to sustaining the legacy built by South Africa, which hosted the event for three decades.

“Africa must take ownership of its resources and its destiny. With nearly 10% of the world’s proven oil reserves and significant natural gas deposits, our continent cannot afford to remain a mere exporter of raw commodities,” President Mahama stressed.

Unlocking Africa’s Potential

The president highlighted the paradox of Africa’s vast resource wealth and widespread energy poverty, as more than 600 million Africans lack access to electricity, while 1 billion people have no access to clean cooking systems.

He called for stronger collaboration through existing African institutions such as the African Petroleum Producers’ Organization, the African Continental Free Trade Area (AfCFTA), and the proposed African Energy Bank to mobilise financing, technology, and markets.

“These platforms can drive aggressive exploration, refining, petrochemical development, and infrastructure that will ensure Africa’s resources fuel African development,” he said.

Ghana’s Energy Prospects

Outlining Ghana’s petroleum opportunities, President Mahama revealed ongoing investments in the Jubilee, TEN, and Sankofa fields, as well as prospects in the Saltpond, Keta, and Volta basins. 

The Ghana National Petroleum Corporation (GNPC) and its subsidiary, Explorco, are preparing to drill two new wells by late 2026, creating opportunities for new partnerships.

The president emphasised Ghana’s commitment to building a business environment that balanced investor confidence with national interest. 

“When I took office in January, we signaled that Ghana’s upstream sector is open once again for business,” he said, noting renewed interest from major international oil companies.

Policy and Infrastructure Reforms

The government is reviewing the Petroleum Exploration and Production Act (Act 919, 2016) to make Ghana’s regulatory and fiscal framework more competitive and transparent. 

In the midstream, GNPC is working with partners including Shell to renegotiate liquefied natural gas agreements, with the goal of reducing reliance on expensive liquid fuels within 18 months.

Plans are also underway to expand gas pipelines, processing plants, and storage systems to strengthen energy security and attract private investment.

In the downstream sector, Ghana aims to transform into a regional petroleum hub, anchored by a gas-to-power policy and supported by new refinery and petrochemical infrastructure.

Balancing Oil and Renewables

President Mahama stressed that Ghana’s energy strategy embraced both hydrocarbons and renewables. 

The newly created Ministry of Energy and Green Transition is mandated to ensure sustainability and climate action remain central to policy.

“The future of energy lies in a balanced transition. Ghana is committed to pursuing oil and gas development alongside renewable energy, ensuring that no citizen is left behind,” he said.

A Call for Action

Closing his address, the president urged delegates to turn discussions into concrete projects that would end energy poverty, create jobs, and ensure Africa fully benefitted from its natural wealth.

“The partnerships forged here must translate into real action. Together, we must end energy poverty in Africa and transform our continent into a hub for energy-driven industrialisation,” he concluded.