The Ghana Energy Summit 2019, is a 2-day forum designed for policy makers and stakeholders in the Energy sector to discuss priority areas in the sector and propose possible ways to harness the opportunities in the industry.
The objective of the Summit is bringing to the discussion table, specific issues in the Energy sector for deliberations on by leading experts, institutions and stakeholders.
The Ministry of Energy, in partnership with Business & Financial Times is organizing the Ghana Energy Summit which is aimed at bringing together local and international business leaders, investors, policy makers, civil society organizations, development partners and industry leaders to exchange ideas and share experiences that would culminate into comprehensive energy sector policies and strategies to effectively govern and ensure coordinated investments and sustained growth of the sector.
The Summit will also discuss the numerous opportunities available in the sector and provide avenues for targeted and strategy driven investments rather than the current deal driven approaches. Ghana has made tremendous efforts at securing adequate energy for national economic development over the years, both with respect to power and petroleum, driven by a mosaic of policy and institutional reforms.
The energy sector in every country is key to economic stability and inclusive growth. In Ghana, the sector is changing for the better in a very vibrant way in recent times. A few years ago, erratic and insufficient power supply had made the lives of the people miserable. All sectors of the country bore the brunt of shortage of electricity. Entrepreneurs did not feel encouraged to set up industries due to acute power outages. Even many prospective running projects had to be shut down for want of electricity. This had a serious negative impact on the country’s economic growth.
It is heartening to note that recent developments in the sector for both power and petroleum has been encouraging. The development of the petroleum industry has been key to reviving growth in the economy, with the trading of crude oil to gain the much-needed foreign exchange and the development of the domestic gas industry to help resolve Ghana’s electricity shortage. The 2016 maritime border dispute with Cote d’Ivoire temporarily halted offshore oil production until the case was settled by the International Tribunal for the Law of the Sea (ITLOS). The eventual September 2017 ruling in favor of Ghana, increased Ghana’s offshore territory by 80 square kilometers, clearing the way for oil and gas developers to resume drilling in an area. Current oil production is expected to increase by more than 200 percent this year 2019, which will contribute to Ghana’s economic growth and its foreign exchange reserves.
The Government of Ghana has also recently established local content requirements that mandates at least 10 percent of equity to be held by domestic Ghanaian firms. The expansion of the Ghanaian gas sector has also been aided by the establishment of the partial risk guarantees, investment lending, and technical assistance that have been key to developing promising natural gas fields.
The power sector is expected to improve drastically as government works with Power Africa to remove the barriers that impede sustainable energy development and unlock the substantial wind, solar, hydropower, natural gas, biomass, and geothermal resources in the country. Power Africa, an initiative led by the U.S. Government, aims to increase the number of people in of sub-Saharan Africa who have access to power.
To achieve sustainable energy for all, we will need action from all — Governments, businesses, scientific and technological communities, and civil society groups. And that is why the Ghana Energy Summit is so important.
The Ghana Energy Summit will provide an opportunity for global energy industry participants, academics and students, interest groups, journalists, government officials and the public at large to interact with one another in a non-partisan environment and discuss significant regional, national and global energy issues.