Crude Oil Exports Funding Ghana’s Renewable Energy Boom

Country Overview

The African country of the Republic of Ghana is bordered by Côte d’Ivoire, Burkina Faso, Togo, Gulf of Guinea, and the Atlantic Ocean. The population of Ghana is approximately 34.12 million people.

In 2021, Ghana’s economy was ranked 67th in gross domestic product (GDP) in the world. The country’s economy is dependent on the export of gold, crude oil, cocoa beans, cocoa paste, coconuts, Brazil nuts, and cashews.

Environmental Policies

In 2016, Ghana signed the Paris Climate Agreement committing to reduce its greenhouse gas emissions by 45% by 2030, compared to “a business as usual” level.

In 2019, Ghana signed an agreement with the World Bank to reduce carbon emissions from deforestation and forest degradation.

Power Generation Capabilities

The Volta River Authority is responsible for power generation in Ghana. Distribution of electricity is split between the Electricity Company of Ghana for the southern region and the Northern Electricity Distribution Company for the northern region.

In 2021, 86.3% of the people in Ghana had access to electricity. In 2021, Ghana’s power companies used natural gas (49.1%), renewable energy (34.9%), and refined petroleum (16.0%) to generate electricity. Hydropower is the dominant type of renewable energy used to generate electricity in Ghana.

Recent renewable energy projects in Ghana  include:

  • 225 MW Wind Project – Swiss engineering company, NEK Umwelttechnik is continuing work on the Ayitepa wind project, which is located in southern Ghana. The wind project is scheduled to be commissioned by year-end 2024.
  • 200 MW Wind Project – NEK Umwelt Technik is scheduled to begin construction of the Konikablo wind project in 2024. The wind project is located approximately40 miles east of Ghana’s capital, Accra.
  • 100 MW Solar Project – In August 2023, Ghanan renewable energy company, Meinergy Technology Limited was selected to build a solar project in Accra for the Bui Power Authority.
  • 5 MW Solar Project – In April 2021, Bui Power Authority commissioned a solar project in the northeastern region of the country.
  • 5 MW Floating Solar Project – In December 2020, Bui Power Authority commissioned a floating solar project on the Black Volta River.
  • 1 MW Solar Project – In March 2021, Kenyan solar company, CrossBoundary commissioned a rooftop photovoltaic solar system in the town of Achimota, located approximately 5 miles west of Accra.


Commercial oil was discovered in Ghana in 2007. In 2022, Ghana was the 25th largest crude oil exporting country in the world. In 2021, Ghana exported U.S. $3.57 Billion in crude oil.

Ghana imports the majority of its natural gas from Nigeria through the West African Gas Pipeline. However, the supply of natural gas to Ghana has been inconsistent, resulting in frequent power outages in the country.

Ghana plan is to improve the reliability of the nation’s power grid by replacing natural gas-fired power plants with reliable, green renewable energy. Crude oil exports are now funding Ghana’s renewable energy boom


Jack Kerfoot

Website – “Our Energy Conundrum”


Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.

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