The Finance Minister, Ken Ofori-Atta, has intimated that it is essential that the nation adopts a transition plan that taps into millions available for climate action and specifically for sustainable energy.
Speaking at the National Energy Transition Forum, he stated that Ghana is well positioned during this process in the development of its transition plan to provide a quantitative basis incentive for leveraging external funding to provide the needed impetus for the decarbonization strategies.
Ken Ofori-Atta indicated that for the Ministry of Finance, although it recognizes a huge challenge that lies ahead not just for Ghana but for the entire continent, it is still confident in the move.
“We are confident that working together [with] the private sector, multilateral and bilateral partners, we can face the upcoming energy transition in a well prepared manner while also realizing significant acceleration for infrastructural transformation agenda.”
Ken Ofori-Atta
The Finance Minister, however, averred that there is a lot of work ahead to unlock the nation’s potential to ensure that it is competitive as a regional hub going forward.
“And if we as a country are together and not crippled by fear, we will take the bold decision into these unchartered waters and build our country and once again show Ghana’s leadership.”
Ken Ofori-Atta
According to Ken Ofori-Atta, Ghana is facing a crucial point of its future portfolio strategies in the oil and gas industry, in a decarbonizing world where profit pools are shifting downstream away from fossil fuels. As such, he indicated that the nation must decide what to offload, where to diversify, optimize and which new market opportunities to target. This, he stated, presents a new challenge.
Ghana must achieve net-zero
To compete in a global market place against regional economies, Ken Ofori-Atta noted that Ghana must achieve net-zero but not at the expense of its development.
“I believe the tools do exist to strike the right balance. For Ghana to reduce absolute emissions of 64 million CO2 by 2030, there is a need to be strategic in our collaborations.”
Ken Ofori-Atta
The Minister suggested that the nation will need enduring mutually enforcing partnerships between global and local operators to ensure it enables green transition across the country. Developed countries and international operators, he posited, must invest in technologies that promote green energy.
“The world’s finance sector has clearly signaled their commitment to climate change with nearly 500 global financial services firms agreeing during the COP26, to align $130 trillion, some 40 percent of world’s financial assets with the climate goals set out for the price agreement including limiting global warming to 1.5 degrees.”
Ken Ofori-Atta
The Finance Minister stated that the average age on the continent is 19 years and rapidly getting to the younger. Already, he noted that, 77 percent of the African population is below 35. He averred that for these children, their prospects will be determined by the collective successes in addressing the climate crisis and supporting the continent’s development.
“Indeed our continent is growing so well that by 2025, two in every five children in the world will be born right here in African.”
Ken Ofori-Atta
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