We Should Say No to Floating Nuclear Reactors, and Yes to Patience

Ghana is set to construct a 1 GW nuclear power plant by 2030, with the International Atomic Energy Agency (IAEA) providing support to bolster the nation's institutional strength, technical competence, and regulatory frameworks. The government views nuclear energy as crucial for reducing carbon emissions, bolstering energy security, and potentially generating revenue from electricity exports. However, several considerations merit attention as Ghana embarks on this nuclear journey.

Financing a new nuclear investment is a significant hurdle for any nation, and Ghana is no exception. The country has been negotiating with various vendor countries, but geopolitical risks and Ghana's financial predicament will likely heighten the costs and risks associated with the nuclear plans. Technical challenges also exist, including grid capacity constraints and uncertainty surrounding the choice of nuclear technologies.

To overcome these hurdles, Ghana must strengthen its institutional capacity by establishing robust nuclear regulation frameworks and fostering partnerships with diverse stakeholders.

The Ghanaian government is advised to adopt a multifaceted investment strategy that complements renewable energy technologies as nuclear investment comes with high risks and long timelines. As Africa moves towards reliable, low-carbon energy sources to fuel industrialization, strengthen energy security, and meet escalating electricity demand, Ghana's progress in its conventional nuclear program highlights the need for additional preparation, funding, regulation, and skilled personnel to achieve the 2030 target safely.

In pursuit of its nuclear ambitions, Ghana should follow the IAEA's roadmap for nuclear energy development to ensure safety, security, and attract investment. However, securing financing will remain a formidable challenge even with adherence to the roadmap. To mitigate geopolitical risks, Ghana could diversify its financing options beyond solely relying on single vendors or sources, such as export credits, commercial loans, and equity investments.

Investing in grid infrastructure and regional cooperation is vital to address Ghana's current power generation limitations and facilitate inter-regional energy trade and exports. Upgrading Ghana's domestic power generation and grid capacity, while enhancing collaboration within the West Africa Power Pool (WAPP), can help alleviate these issues. Diversifying financing options will also be crucial to weather geopolitical uncertainties and secure necessary funding.

Ghana must enhance the independence and transparency of its regulatory bodies, such as the Nuclear Regulatory Authority, to uphold safety standards and safeguard against budget cuts. Moreover, considering the inherent uncertainties in investing in nuclear power, Ghana should explore alternative low-carbon technologies like wind and solar power to bolster energy security, grid reliability, and sustainability.

This parallel strategy will help mitigate risks associated with nuclear energy and enhance Ghana's resilience to external political, economic, and technical constraints.

While nuclear energy is subject to international governance, it differs significantly from conventional business practices. Consequently, Ghana must prioritize learning safety lessons as it prepares for nuclear energy adoption. Small modular reactors (SMRs) present an advanced solution, offering a power generation capacity of up to 300 MW(e) per unit.

These reactors provide flexibility and the potential to address Ghana's electricity challenges effectively. However, the immense financial investment required means that achieving these targets demands substantial preparation, funding, regulation, and skilled personnel.

In conclusion, Ghana should avoid floating nuclear reactors due to their largely unproven technology and associated safety, environmental, and security risks. The sole commercial floating nuclear power plant globally is an unreliable foundation for Ghana's energy security, with Russia as the sole provider, potentially leveraging the technology for political influence.

Ultimately, Ghana must carefully weigh the pros and cons of each nuclear option, ensuring safety remains paramount throughout its nuclear energy development roadmap.