Accra: Mr Thomas Nyarko Ampem, the Deputy Minister for Finance, has emphasized that the active involvement of the private sector is essential to unlocking Ghana's energy potential. He stated that this involvement is crucial for achieving the country's goal of universal access to electricity by 2030.
According to Ghana News Agency, Mr Nyarko Ampem spoke at the Mission 300 Ghana Compact Review Workshop in Accra, which gathered stakeholders from the energy sector, development partners, and financial institutions. The workshop aimed to review Ghana's progress under the National Energy Compact and to establish a pragmatic path forward. The Mission 300 initiative seeks to connect underserved communities to reliable and affordable electricity, while also advancing Ghana's commitments to climate resilience and sustainable development.
Mr Nyarko Ampem emphasized the importance of making energy investments bankable and appealing to both domestic and international investors. He reiterated the government's commitment to fiscal discipline while advocating for innovative and sustainable financing mechanisms to expand energy access. He highlighted that projects under Mission 300 must be financially viable and align with Ghana's existing international commitments.
He further explained that the government recognizes the fiscal implications of expanding energy infrastructure and is determined to pursue strategies that avoid increasing the country's contingent liabilities. Energy projects must align with broader economic and fiscal priorities to maintain debt sustainability, ensuring that they contribute positively to economic growth without imposing unsustainable financial burdens on the state.
The Deputy Minister stressed the need to promote private sector participation through risk-sharing frameworks that safeguard public finances. He outlined four key financial priorities for Ghana's energy transition strategy: maximizing concessional and climate finance to reduce capital costs, promoting private sector involvement through de-risked investment models, focusing on scalable and cost-effective renewable energy solutions, and strengthening financial governance and transparency. These strategic pillars will form the foundation of financial stewardship under Mission 300.
Mr Nyarko Ampem called for a shift from reliance on state funding, advocating for the private sector as a true development partner. He assured participants that the Ministry of Finance would continue to collaborate with the Ministry of Energy and Green Transition, development partners, and regulatory agencies to foster a conducive environment for sustainable energy investment. Harmonizing fiscal policies and investment incentives is crucial to building investor confidence and delivering results.
He concluded by urging all stakeholders to approach the deliberations with a commitment to pragmatic and fiscally responsible solutions, viewing the workshop as a critical step in Ghana's journey toward a sustainable and inclusive energy economy. The Mission 300 Ghana Compact is part of Ghana's broader commitment under the United Nations' Sustainable Energy for All initiative, forming a key pillar of the country's energy and climate strategy.
