Finance Minister Dr Cassiel Ato Forson has announced plans for the construction of a 1,200-megawatt state-owned gas-fired power plant, which he says will provide reliable and affordable electricity to support Ghana’s industrial transformation.
When completed, the facility is expected to become Ghana’s largest power plant, surpassing the 1,020-megawatt Akosombo Hydroelectric Power Station. Dr Ato Forson made the announcement at the Future of Energy Conference 2026, organised by the Africa Centre for Energy Policy (ACEP).
He said reliable and affordable energy remains critical to Ghana’s ambition to expand industries, create jobs and transform the economy.
“Ghana is acting by building a 1,200 MW state-owned gas-fired power plant,” the Finance Minister said.
Dr Ato Forson also highlighted the wider energy challenge facing Africa, noting that about 600 million Africans lack access to electricity, while the continent attracts only about two per cent of global clean-energy investment.
He said Africa could not achieve meaningful industrialisation without addressing the continent’s energy deficit and attracting the necessary investment to expand power generation and distribution.
The Finance Minister stressed that African countries must create an environment capable of attracting long-term investment into the energy sector. He identified efficient utilities, predictable regulation and credible investment opportunities as essential to achieving that objective.
According to him, governments alone cannot provide the huge financing required for major energy projects, particularly amid growing debt-service pressures.
Dr Ato Forson said that in 2025, Africa’s debt-servicing costs were equivalent to more than 85 per cent of the continent’s energy investment, making it necessary to explore alternative sources of financing.
He therefore called for greater use of government guarantees, blended finance, local-currency funding, deeper capital markets and credible public-private partnerships to bridge Africa’s energy financing gap.
The proposed 1,200-megawatt plant, he said, demonstrates Ghana’s commitment to securing the reliable and affordable electricity required to power industries, expand economic activity, create jobs and drive sustainable economic transformation.
Story by Ama Frimpomaa