Africa must harness hydrocarbon resources to accelerate development – AEC

Africa must harness its hydrocarbon resources to accelerate the development of the continent, the Executive Chairman of the African Energy Chamber (AEC), N. J. Ayuk, has said.

He noted that the developed nations relied on their hydro­carbons to develop, and Africa must pursue same and should not allow pressure from the Western countries to shift from hydrocar­bons to renewable energy.

Speaking at the Invest in African Energies programme in Accra on Monday, he empha­sized that more than 600 million Africans did not have access to power.

“Energy is a human right issue and the millions of Africans who do not have access to power also have the right to enjoy access to power,” he said.

The programme, organised in partnership with the Ministry of Energy and Green Transi­tion, was on the theme: ‘Driving Investment to Develop Ghana’s Energy Potential.’

The high-level gathering of leaders in the energy industry was attended by policymakers and investors to drive discussions on attracting investments to Ghana’s energy sector ahead of the Africa Energy Week to be soon held in South Africa.

Mr Ayuk indicated that Africa must be allowed to tap its abun­dant hydrocarbon resources for the benefit the continent.

The Executive Chairman of AEC also said Africa needed a fair Energy Transition that suited its development agenda.

He said Africa contributed less than three per cent of global carbon emissions and if any region should move from hydro­carbons then it was the Western countries not Africa.

Additionally, Mr Ayuk stated that AEC would push forcefully for a fairer Energy Transition during the Energy Week in Cape Town in South Africa from Sep­tember 29 to October 3, 2025.

The Executive Chairman of AEC said Ghana was set to become a major player in Africa’s energy sector.

The Minister of Energy and Green Transition, Abdulai Jinapor, in a speech read on his behalf by a Deputy Minister of the Ministry, Richard Gyan Men­sah, mentioned that the coun­try had numerous investment opportunities in the energy sector which investors could harness to diversify their investments.

“With over 125 billion barrels of oil and 670 million cubic feet of gas, and a significant amount of renewable energy which are most sought after in the world, the continent still grapples with energy poverty owing to funding, technology, infrastructure, and market constraints,” he elaborat­ed.

Mr Jinapor further explained that it was, therefore, impera­tive to design and implement realistic and pragmatic policies to attract the needed capital to develop and harness the full potentials of the continent’s energy resources.

The Minister also stated that Ghana had passed an onshore petroleum exploration and pro­duction policy to guide onshore oil and gas exploration and production in the country.

He highlighted that as part of the country energy transi­tion agenda, the country would require more than $550 billion to invest in renewable energy sources.

According to the Minister, there were opportunities in the production, processing and storage of the country’s energy resources.

The President of AEC, Mr David Pappoe, said Afri­ca’s energy sector was at the pivotal stage at the moment and needed investment, upstream, midstream, downstream.

“So we are here to focus on a discussion on how we can drive investments to Ghana,” he stated.

BY KINGSLEY ASARE

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