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Stakeholders in oil and gas deliberate on opportunities in the sector

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Ghana’s Minister for Energy, Matthew Opoku Prempeh, has emphasized the country’s commitment to balancing a low-carbon economy with economic growth.

However, he cautioned against achieving zero carbon emissions to ensure a stable economy. He emphasized that global energy demand has outpaced renewable energy generation, potentially leading to a potential energy deficit if renewable energy is solely relied on. Opoku Prempeh called for a cautious approach to Ghana’s energy transition to ensure an efficient growth trajectory, considering the global energy crisis caused by the Russia-Ukraine war and the Israel-Gaza conflict. He emphasized that the continent’s economic fortunes will be transformed by good leadership and prudent management.

He called on the continent’s energetic youth population to harness its rich natural resources and use energy as a bedrock for development. Professor Wumi Iledare, a member of Offshore Africa’s Advisory Board, emphasized the importance of oil and gas in Africa’s economic and energy sustainability. He called on energy experts to consider natural gas as a future fuel, serving as the foundation for the continent’s energy security. Stakeholders at the summit agreed to engage more to create opportunities from oil and gas discoveries.