Ghana can generate billions of dollars from oil but the West says we should move to clean energy – Finance Minister

Ghana's Finance Minister Ken Ofori-Atta complains that the country's economy has been repeatedly damaged by the demands of Western powers. According to him, Ghana has the potential to turn its economy around with its oil reserves, but the West says these reserves should not be developed because of the energy transition.

The minister made the remarks at a national forum on energy transition organized by the Energy Ministry. The program was held in Accra on Tuesday, February 22, 2022.

"Ghana has a large number of oil blocks and as we speak, our own GNPC is in the process of acquiring interests in just two blocks that are valued by an external appraiser at over 2 billion. Potentially, we could bring in billions of dollars if we get the chance to develop these numerous blocks. But now, all of a sudden, the West is saying we should switch to clean energy," the minister said.

He added that "cutting funds for oil and gas investments is not the solution. Providing low-cost energy for our development requires a whole new approach to investment in oil and gas development."

"We need to make long-term investments that are made in the context of a competitive assessment to drive down costs. Our ultimate goal will be to develop long-term decarbonization pathways that do not jeopardize our growth prospects and opportunities for industrial transformation."