Finance Minister Dr Cassiel Ato Forson has announced plans to end Ghana's dependence on costly emergency power arrangements by 2030 as part of the government's drive to achieve energy sovereignty.
He said the government would invest in electricity generation, transmission and distribution to reduce the cost of power, improve efficiency and provide reliable electricity to support industrial growth.
Presenting the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026, Dr Ato Forson announced that US$500 million would be invested between 2027 and 2030 to modernise the country's electricity transmission system and reduce power losses.
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He said the Ghana Grid Company (GRIDCo) would strengthen the north-south transmission network, connect new power generation facilities to areas of high demand and improve electricity trade with neighbouring countries.
The investment would also provide dedicated and reliable power connections to strategic industrial enclaves.
To address losses within the electricity distribution system, the Finance Minister said the government would deploy two million prepaid electricity meters and fully implement a performance-based private-sector participation arrangement in electricity distribution by the end of 2027.
He stressed that strategic public assets would remain protected, while private-sector expertise would be introduced to improve operational efficiency and reduce losses.
Dr Ato Forson said the measures were expected to help eliminate the approximately US$1.4 billion in taxpayers' money that the government spends annually to cover shortfalls in the energy sector.
The Finance Minister also disclosed that the government intends to reduce the cost of electricity generation from about 16 US cents per kilowatt-hour to 8 US cents or less.
He said cheaper and more reliable electricity would reduce production costs, make Ghanaian goods more competitive and encourage businesses to expand.
According to him, affordable power would also allow more raw materials to be processed locally, support the establishment of factories and create additional jobs.
Explaining the government's energy ambitions, Dr Ato Forson said Ghana must take greater control of the electricity infrastructure that supports its economy.
“Mr Speaker, our goal is energy sovereignty. Ghana must have control over the generation and transmission of the electricity that powers our economy,” he stated.
He said investments in state-owned power generation and a stronger national transmission network would be critical to securing the country's energy future.
The Finance Minister added that the government's broader ambition was to ensure that Ghanaians had the capacity to drive the country's industrialisation through reliable and affordable electricity.
NA/MA
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