Ghana Gas CEO advocates leveraging resources to address energy poverty in Africa

Chief Executive Officer of the Ghana National Gas Company Limited, Dr. Ben K.D. Asante, has issued a call to action for leaders across Africa to harness the continent’s abundant resources in tackling the persistent challenge of energy poverty. He emphasized the need for conscious efforts to optimize the balance between resource export and local utilization within Africa to ensure sustainable, affordable, and accessible energy.

Dr. Asante delivered this message during the 14th Multi-year Expert Meeting of the United Nations Conference on Trade and Development, held in Geneva, Switzerland. He highlighted that prudent resource management, the creation of a conducive fiscal environment for capital access, and the development of local intellectual capacity are critical drivers for Africa’s development.

Notably, Dr. Ben Asante underscored Africa’s potential in the global gas market, revealing that Africa’s share in this market was 6% in 2021, with expectations for this share to exceed 11% by 2050. Concurrently, gas production is projected to rise from 260 billion cubic meters in 2021 to 585 billion cubic meters in 2050.

Despite these promising projections, he identified various challenges that must be addressed in the development and utilization of Africa’s energy resources. These challenges include limited access to capital for projects, insufficient infrastructure, unattractive fiscal regimes and taxation requirements, unclear institutional and regulatory frameworks, inadequate intellectual capacity, limited local and private sector involvement in the energy sector, and non-cost-reflective commodity prices.

Dr. Asante also discussed the specific energy policies guiding Ghana, highlighting the government’s direction to utilize gas for power generation, particularly to increase electricity penetration in rural areas. He emphasized the importance of tailoring policies to meet the unique needs of each country’s citizens.

In addition, Dr. Asante extolled Ghana as a prime investment destination and encouraged attendees to consider Ghana when contemplating investment opportunities.

The 14th expert meeting served as a neutral platform for sharing country experiences in managing commodity price volatility at national, regional, and international levels. It assessed the interconnections between commodity price volatility, key macroeconomic indicators in commodity-dependent and developing countries, and the impact of such volatility on food security in net-food-importing nations. The meeting also deliberated on market and technology-based instruments to manage price risks.