Finance Minister Dr. Cassiel Ato Forson has announced that Ghana plans to add 3,000 megawatts of electricity generation capacity by 2030 as part of efforts to strengthen industrialisation and ensure stable power supply.
According to him, reliable and affordable electricity remains critical to Africa’s economic transformation, stressing that persistent power outages continue to cost the continent billions of dollars annually while undermining productivity and manufacturing growth.
Speaking at the Ishmael Yamson & Associates Business Roundtable held on Thursday, May 28, Dr. Forson said Ghana is prioritising major investments in the energy sector to support economic expansion and industrial development.
“Ghana understands these challenges deeply. We are therefore targeting 3,000 megawatts of installed generation capacity by 2030,” he stated.
He disclosed that President John Dramani Mahama had already announced plans for the construction of 1,200 megawatts of power generation capacity, adding that the broader national target is expected to significantly improve energy reliability across the country.
Dr. Forson further revealed that 30 percent of the additional capacity will come from renewable energy sources as Ghana pursues a cleaner and more sustainable energy mix.
Touching on the wider African energy challenge, the Finance Minister noted that more than 600 million people on the continent still lack access to electricity, despite Africa’s vast natural resources.
“Africa collectively loses an estimated US$25 billion annually through power outages,” he said, describing the situation as unacceptable for a continent rich in gas, hydro, solar, wind and critical minerals needed for the global energy transition.
He questioned how Africa could meaningfully pursue industrialisation without dependable power infrastructure.
Dr. Forson also stressed the need for African countries to move beyond exporting raw materials and instead focus on value addition and industrial processing.
“The next quarter of a century should become Africa’s industrial century, not just extracting lithium, but refining lithium; not just exporting bauxite, but producing aluminium; not just exporting cocoa, but processing it and building competitive value chains,” he said.
He added that energy security, coupled with trade integration under the African Continental Free Trade Area (AfCFTA), would play a crucial role in accelerating economic growth and boosting intra-African trade.
“Trade integration is an economic survival strategy,” Dr. Forson stated.