President John Dramani Mahama has called on African leaders, investors, and energy stakeholders to take charge of the continent’s oil and gas resources to drive industrialization, create jobs, and end energy poverty.
He was delivering the keynote address at the Africa Oil Week summit, a premier platform for dialogue and partnerships in Africa’s energy sector.
Highlighting Africa’s vast energy potential alongside its persistent energy deficit, President Mahama said the paradox must be urgently addressed.
“Africa holds nearly 10 percent of the world’s proven oil reserves and significant natural gas deposits, much of it untapped. And yet, paradoxically, more than 600 million Africans still lack access to electricity, while another one billion have no access to clean cooking systems. This is a gap we must urgently close,” he stressed.
The President emphasized that Africa must not be left behind in the global energy transition.
“If international oil companies reduce their presence, we must ensure our resources do not become stranded assets.
This requires African collaboration, African financing, and African innovation,” he said, pointing to institutions like the African Petroleum Producers Organisation, the African Continental Free Trade Area, and the emerging African Energy Bank as key vehicles to mobilise African capital and technology.
Turning to Ghana’s oil and gas sector, President Mahama outlined major investment opportunities.
He noted a $2 billion investment agreement with Jubilee and TEN partners, as well as fresh talks with Sankofa partners to expand operations.
He also described the onshore Voltaian Basin as “one of the most exciting frontiers on the continent,” with GNPC and its subsidiary preparing to drill two exploration wells by late 2026.
To boost investor confidence, he announced that Ghana is reviewing the Petroleum Exploration and Production Act (Act 919, 2016) to make the sector “more competitive, transparent, and investor-friendly, while ensuring a fair sharing of value.”
On energy security, Mahama disclosed that Ghana is renegotiating an LNG supply deal with Shell and partners to deliver gas within 18 months, while ramping up investment in pipelines, processing plants, and storage facilities.
“Our mission is to make Ghana a regional petroleum hub, anchored on a gas-to-power policy that ensures natural gas becomes the primary fuel for our thermal plants,” he explained.
At the same time, the President underlined Ghana’s commitment to sustainability, citing the creation of a new Ministry of Energy and Green Transition.
“The future of energy is a balanced transition. Ghana is determined to pursue oil and gas development alongside renewable energy investments, ensuring that no citizen is left behind,” he affirmed.
Concluding his keynote, President Mahama urged participants at the summit to move beyond discussions and take decisive action.
“African Oil Week is not just a platform for ideas, it must be a platform for action.
The partnerships forged here must translate into concrete projects that end energy poverty, add value before export, and ensure Africa benefits fully from the wealth beneath its soil,” he declared.
By: Patrick Asford Boadu
