The Minister for Energy and Green Transition, Dr. John Abdulai Jinapor has disclosed that Ghana saved about $500 million last year through its shift from liquid fuel to natural gas for thermal power generation.
Speaking at the ‘Future of Energy Conference’, Dr. Jinapor said the transition formed part of the government’s efforts to reduce the cost of power generation and improve the financial sustainability of the energy sector.
He said the savings were achieved through import substitution as Ghana increasingly relied on gas instead of more expensive liquid fuels to operate its thermal power plants.
“Last year, when we did the analysis, we saved $500 million from liquid fuel to gas import substitution. And that’s a huge saving that we ought to continue to work on,” he said.
The Minister said the development demonstrated the importance of structural reforms in reducing the cost of electricity and strengthening the energy sector.
He stressed that financial reforms must be matched with technological improvements and diversification of Ghana’s energy mix to ensure a more sustainable and competitive power sector.
Dr Jinapor said the government would continue to pursue measures to make electricity supply more affordable and reliable, particularly as Ghana seeks to expand industrial activity and improve the competitiveness of local businesses.
He noted that Ghana’s energy strategy includes thermal and renewable sources, while the government is also investing in measures to strengthen the country’s electricity infrastructure and meet future demand.
By James Eshun
