Enact country-specific policies to meet energy needs of citizens - Ghana Gase CEO to Africa Leaders

The Chief Executive Officer (CEO) of the Ghana National Gas Company Limited, Dr. Ben K.D. Asante, has called on Africa leaders to take steps to solve the many challenges confronting the development and utilisation of energy resources on the continent.

Dr. Asante said that country-specific policies must be formulated to meet the needs of their respective citizens.

Dr. Ben K.D. Asante was speaking at the 14th Multi-year Expert Meeting of the United Nations Conference on Trade and Development in Geneva, Switzerland, where he indicated that there are some challenges in the development and utilization of energy resources in Africa.

These challenges, he said, are the lack of access to capital for projects, the lack of adequate requisite infrastructure, the unattractive fiscal regime/taxation requirements, the unclear institutional and regulatory framework, the lack of adequate requisite intellectual capacity, inadequate local and private sector participation in the energy sector, and non-cost-reflective delivered commodity prices.

He said there is a need to put into good use the vast available resources to address the persistent energy poverty across the continent and harness the optimum balance of export and local utilization of resources.

He averred that the utilization of these resources is a necessary platform for ensuring sustainable, affordable, and accessible energy.

Dr. Asante said there is a policy that guides the oil and gas industry in Ghana and that this policy looks at using some of the gas for power generation because it is like a direction that the government wants to take in terms of increasing electricity penetration, especially in rural areas.

According to him, prudent management of resources, the provision of the requisite fiscal environment to ensure access to capital, and building of Local Intellectual Capacity, will be some of the key drivers for development across the continent.

Dr. Ben Asante enumerated that Africa’s gas share in the global market was 6% in 2021, and this is expected to increase to over 11% by 2050, while production is projected to increase from 260 billion cubic meters in 2021 to 585 billion cubic meters in 2050.

The 14th session of the expert meeting is a neutral platform for sharing country experiences in terms of successful strategies and policies implemented at national, regional, and international levels to effectively manage commodity price volatility.

More precisely, the expert meeting assesses the links between commodity price volatility and key macroeconomic indicators in commodity-dependent and Developing Countries (CDDCs), and the links between commodity price volatility and food security in net-food-importing countries.

The meeting in Geneva also discussed market and technology-based instruments that can help manage price risks.

The next session, to which the Ghana Gas boss has been invited, is scheduled to be held in Belgium.