It is projected that there is the need to procure an additional generation capacity of 225 MW by January 2024 and an additional 200 MW by January 2025 to preserve the security of supply in Ghana. This presents a huge opportunity for companies operating in the energy sector.
Given the desire to alter the generation mix to include more renewable sources, the main opportunities in the renewable energy subsector, include setting up local manufacturers and assemblers of renewable energy technology. There is now a concerted push to increase the contribution of renewable energy to total power supply sources and this will come with incentives to attract investors into this sector.
There are some initiatives to attract investments into this sector, and a number of opportunities exist in harnessing wind power to generate electricity, mainly located along the coastal areas of Ghana. Various locations exist across the country which are also suitable for use as solar parks.
According to the Ghana Investment Promotion Center (GIPC), the following needs exist in the power sector: