The Minister of Energy and Green Transitions, John Abdulai Jinapor, has said increased investment in Africa’s energy sector is urgently needed to bridge the funding gap.
Speaking at the ongoing Africa Prosperity Dialogue, in Accra, Mr. Jinapor revealed that the continent requires between US$43 to 55 billion annually in energy-related investments until 2040 to achieve universal access to electricity and sustainable energy sources. However, he said the continent currently mobilizes only about US$9 billion annually.
The Minister noted that Africa’s energy future is becoming increasingly urgent as the world faces challenges related to energy security and sustainability. “It is an undeniable fact that the African continent cannot be left behind in the quest to secure the provision of reliable, affordable, and sustainable energy sources,” Mr. Jinapor said.
“This is the only surest way that the continent can lift itself out of poverty, achieve accelerated economic growth, and more importantly, achieve inclusive economic growth.”
Mr. Jinapor also referenced global and continental frameworks aimed at addressing energy poverty. The United Nations’ Sustainable Development Goal (SDG) 7, which seeks to ensure access to affordable, reliable, sustainable, and modern energy for all, aligns with Africa’s energy aspirations.
Similarly, the African Union’s Agenda 2063 prioritizes energy development as a cornerstone of the continent’s transformation. But despite these frameworks, Mr. Jinapor noted that the high cost of energy-related investments remains a significant barrier.
“The energy deficit in Sub-Saharan Africa can partly be attributed to the relatively high cost of energy-related investments, which poses one of the biggest challenges toward the continent achieving its energy needs,” he said.
The Minister, therefore, called on African governments, international development partners, and the private sector to prioritize energy investments and adopt innovative solutions to bridge the funding gap.
He also urged African countries to create enabling environments for investment by implementing sound policies, reducing regulatory bottlenecks, and enhancing transparency. “Energy is not just a commodity; it is the lifeblood of development. Let us work together to power Africa’s future,” he said.
Experts within the energy sector have advocated for innovative financing mechanisms and stronger public-private partnerships to close the funding gap. According to some of them, although Ghana has made efforts to expand access to electricity, achieving universal access and transitioning to sustainable energy sources require substantial investment.
Africa Prosperity Dialogue event, which brought together policymakers, industry leaders, and experts from across Africa, focused on the role of energy in advancing the continent’s development agenda.
