Ghana to build its biggest power plant since independence – Ato Forson

Finance Minister Dr Cassiel Ato Forson announced that the Ghanaian government is constructing a 1,200-megawatt gas-fired power plant to meet the nation's growing electricity needs and support industrial development. This new facility will be Ghana's largest power plant, surpassing the 1,020-megawatt Akosombo Hydroelectric Power Station. At the Future of Energy Conference 2026, Dr Forson emphasized that reliable and affordable energy is crucial to Ghana's industrial ambitions.

Ghana's investment in this 1,200 MW state-owned power plant is part of a larger effort to address energy access and financing challenges across Africa. Dr Forson pointed out that approximately 600 million Africans currently lack electricity, yet Africa only receives about 2% of global clean-energy investment. He stressed that industrialization cannot occur on a continent that is considered too risky to power.

To attract more investment into Africa's energy sector, Dr Forson stressed the need for efficient utilities, predictable regulation, and attractive opportunities for private investors. He acknowledged that large-scale energy projects require substantial long-term financing, which governments alone cannot provide. In 2025, Africa's debt-servicing costs were equivalent to more than 85% of the continent's energy investment. Public budgets cannot cover this burden alone, he stated.

To bridge Africa's energy financing gap, Dr Forson called for various measures, including guarantees, blended finance, local-currency funding, deeper capital markets, and credible public-private partnerships. He highlighted that Ghana's proposed 1,200-megawatt power plant exemplifies the government's commitment to providing reliable and affordable energy, which is essential for driving economic transformation in the country.