President John Dramani Mahama has unveiled a sweeping energy recovery and expansion agenda, announcing new multi-billion-dollar upstream investments, renewable energy growth, rural electrification gains, and the return of the Tema Oil Refinery to active operations.
Delivering his State of the Nation Address, the President said Ghana is on course to significantly boost oil and gas production following fresh investment commitments from major upstream partners.
$2bn Jubilee Investment, $1.5bn OCTP Expansion
Government has signed a Memorandum of Understanding with Jubilee Field partners to secure an additional $2 billion investment, including the drilling of up to 20 new wells, the first such drilling program in over nine years.
A second Memorandum of Intent has also been signed with OCTP partners ENI and Vitol for an additional $1.5 billion investment in the Cape Three Points Block 4 contract area.
“These agreements will significantly increase Ghana’s oil and gas production, enhancing energy security and infrastructure development,” President Mahama stated.
Solar Capacity Hits 250MW
On renewable energy, the President announced that Ghana’s total installed solar capacity has reached 250 megawatts, representing 5 percent of the country’s generation mix.
The Bui Power Authority has completed an additional 50MW solar installation, while 30MW has been added through rooftop solar systems.
Ground has also been broken for a 200MW solar power project at the Dawa Industrial Zone, with the first 100MW expected to be completed by December 2026.
In addition, 35 mini-grids are under construction to serve 47 island and lakeside communities across the Oti, Savannah, and Bono East Regions.
The African Development Bank, the president disclosed, has committed $100 million to support renewable-energy-based mini-grids, while 150 communities in the Afram Plains North and South districts are being prepared for solar electrification.
Government has also mainstreamed mini-grids into the National Electrification Scheme as part of efforts to achieve 99.98 percent universal electricity access by 2030. National access currently stands at 89.05 percent.
TOR Resumes Refining After Seven Years
In a major development, President Mahama announced that the Tema Oil Refinery has resumed crude oil processing for the first time since 2018 following extensive turnaround maintenance by new management.
“The refinery has commenced processing crude oil into petroleum products again,” he told Parliament.
The Ghana Cylinder Manufacturing Company is also being revitalized through a strategic partnership involving the National Petroleum Authority, Ghana Gas, and Ghana Commercial Bank to boost local LPG cylinder production.
Smart Meter Rollout
To improve efficiency and reduce power losses, government has begun deploying 12,000 smart net meters, with further installations expected in 2026. Solar home systems are also being installed in public institutions to cut power costs.
President Mahama reassured Ghanaians that energy sector reforms remain a top priority.
“I remain fully committed to turning around the sector and ensuring reliable, affordable and sustainable energy security for our nation,” he declared.
