Ghana: Ghana is saving approximately $500 million each year by using more natural gas to generate electricity instead of relying heavily on imported liquid fuels, Energy and Green Transition Minister, Dr. John Abdulai Jinapor has disclosed.
According to Ghana Web, increased gas supply has reduced the country's need for crude oil and other expensive fuels used in thermal power generation. Speaking at the launch of the Petroleum Commission's 15th anniversary celebrations, Dr. Jinapor said stronger gas production had delivered significant savings in the power sector. He attributed the development partly to increased collaboration with operators, including partners in the Jubilee field and ENI.
Dr. Jinapor stated that Ghana had previously depended substantially on imported crude oil and other liquid fuels to meet its power generation needs. However, he said efforts to expand domestic gas production had changed the situation, improving the country's energy security while reducing exposure to international fuel prices. The minister highlighted that the government had paid GHS10.8 billion in DDEP coupons in full and on schedule, signaling a commitment to fiscal responsibility.
The minister further mentioned that the government intends to continue maximizing Ghana's petroleum resources while increasing the contribution of renewable energy to the national energy mix. He also announced an improvement in Ghana's crude oil production, noting that output has risen from about 90,000 barrels per day to 126,000 barrels per day. This recovery was attributed to interventions aimed at addressing operational challenges affecting oil producers.
Dr. Jinapor emphasized that the government would continue working with industry players to sustain growth in petroleum production while pursuing a broader transition towards cleaner energy sources. The strategy involves making greater use of Ghana's domestic gas resources for power generation while gradually expanding renewable energy capacity.