GHANA is poised for a new chapter in its energy evolution as President-elect John Mahama gears up to assume office in January 2025. His re-election, widely welcomed by stakeholders across the continent, signals a continuation of ambitious reforms to revolutionise the country’s oil and gas sector. The African Energy Chamber (AEC) has lauded Mahama’s leadership and vision, emphasising the transformative potential of his policies.
Building on a strong foundation
Ghana’s energy sector has witnessed remarkable growth since the discovery of oil in 2007, with production reaching approximately 200,000 barrels per day. Under Mahama’s previous tenure, significant strides were made in creating an enabling environment for investment and establishing critical energy infrastructure.
‘Under President Mahama’s stewardship, Ghana has achieved remarkable progress in its oil and gas industry. Since the 2007 oil discovery, Ghana’s production has risen to approximately 200,000 barrels per day, positioning the country to become a major oil producer in the region,’ the AEC said.
As he prepares to take office in January, the focus will shift to delivering on a bold agenda outlined during his campaign. At the heart of this agenda is the Gas Master Plan, which aims to diversify Ghana’s energy sector by expanding the natural gas value chain and attracting investments.
Key projects on the horizon
Two major infrastructure projects will be pivotal under Mahama’s administration. The Tema LNG plant, set to commence operations by year-end, will have an annual capacity of 1.7 million tonnes, bolstering Ghana’s energy security and industrial capacity. Similarly, the Atuabo II Gas Processing Plant, scheduled for completion in 2025, will initially process 150 million standard cubic feet of gas daily, with plans to double its capacity to produce LNG, propane, butane, and condensates.
‘These projects underline Ghana’s commitment to leveraging its natural gas resources to achieve energy independence and economic growth,’ said NJ Ayuk, Executive Chairman of the AEC.
Accelerating exploration and energy access
A key priority for the incoming administration will be opening new oil blocks in the Western and Eastern Basins. This move, expected to attract global investors, will boost exploration activities and potentially unlock untapped reserves. Mahama’s government is also targeting universal electricity access by 2030, supported by expanded petrochemical production to diversify revenue streams.
Speaking about the potential for growth, Ayuk added: ‘Ghana is taking bold steps to solidify its position as a leader in Africa’s energy industry. With the right policies and investments, the country’s energy sector is poised for unprecedented transformation.’
Global partnerships and sustainable growth
Mahama’s team has already garnered international interest, with major players such as the African Export-Import Bank and the US Development Finance Corporation showing support for Ghana’s energy ambitions. At the recent African Energy Week, Ghana’s delegation outlined reforms aimed at positioning the nation as a regional energy hub, further enhancing investor confidence.
January and beyond
As January approaches, expectations are high for Mahama’s administration to build on the progress achieved and address pressing challenges in the energy sector. By prioritising infrastructure development, exploration, and universal energy access, his leadership has the potential to drive sustainable growth and significantly improve living standards for Ghanaians.
With strong foundations in place and a clear roadmap ahead, Ghana is ready to usher in a new era of energy transformation under President Mahama’s leadership.
