Ghana’s Energy Minister John Abdulai Jinapor has unveiled an ambitious bilateral commodity exchange agreement with India, proposing to increase oil and petroleum product exports in exchange for cooperation in renewable energy development. The strategic move aims to leverage Ghana’s substantial reserves while accelerating its transition to green energy.
Ghana is among Africa’s top oil producers, with proven oil reserves of approximately 1.1 billion barrels and gas reserves of 2.1 trillion cubic feet. The Minister said Ghana aims to achieve 10% renewable energy by 2030 and can reach that goal with support from countries like India through bilateral commodity exchange agreements.
Jinapor highlighted that Indian companies are already contributing to Ghana’s energy sector by manufacturing transformers and meters locally, creating job opportunities for Ghanaians. He emphasized that deepening the strategic partnership with India would enhance cost efficiency in energy production and distribution while accelerating Ghana’s transition to green energy.
The Minister underscored Africa’s significant role in global renewable energy, noting that the continent holds 60% of the world’s solar potential, presenting vast opportunities for collaboration and investment in sustainable energy projects. This proposed deal represents a mutually beneficial situation for both nations, with Ghana gaining access to India’s expertise in renewable technologies while India secures a reliable source of oil and petroleum products and expands its influence in Africa’s growing renewable energy market.
Sources: scanx.trade, cnbctv18.com