- Ghana aims to be carbon neutral by 2060 with this plan.
- The international community would support the investment to deploy low-carbon solutions.
The government of Ghana is launching a $550 billion investment plan for the energy transition. The targeted sectors include electricity and mobility. This comes when Ghana has been plunged into an economic crisis since part of its debt was suspended at the end of 2022. President Nana Addo Dankwa Akufo-Addo has announced an investment plan to promote energy transition. The plan was presented to the international community at the Global Africa Business Initiative, an event organised on the sidelines of the 78th General Assembly of the United Nations (UN) in New York, USA.
With this plan, Ghana aims to be carbon neutral by 2060. Under the previous plan, the West African country aimed for zero net emissions by 2070. According to Sustainable Energy for All (SE4All), this new plan shows that Ghana has revised its ambitions upwards. Over the next few years, Accra intends to mobilise $550 billion with the support of the international community to deploy low-carbon solutions in the key sectors of its economy, notably oil and gas, industry, transport, cooking and electricity.
According to Power Africa, Ghana currently has an installed electrical capacity of 5,300 MW, of which more than 3,000 MW comes from fossil sources, notably gas and oil. The World Bank states that there is still a long way to go regarding clean cooking, with 70 per cent of the population still cooking over wood fires and other polluting solutions.
President Nana Addo Dankwa Akufo-Addo said, “This plan demonstrates our determination to encourage green industries, promote the development of cutting-edge low-carbon technologies and propel our country towards a sustainable industrial revolution while providing equal growth opportunities for men and women.”