Finance Minister Dr Cassiel Ato Forson has announced plans by the government to build a 1,200-megawatt (MW) state-owned gas-fired power plant as part of efforts to secure reliable and affordable electricity for Ghana’s industrial transformation.
The proposed facility, when completed, is expected to become Ghana’s largest power plant, surpassing the 1,020MW 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), where he emphasised the critical role of dependable and competitively priced electricity in driving industrial growth.
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“Ghana is acting by building a 1,200 MW state-owned gas-fired power plant,” he said.
The Finance Minister said the project formed part of the government’s broader strategy to create the energy foundation required to support industries, generate employment and accelerate economic transformation.
Africa’s energy challenge
Dr Ato Forson also drew attention to Africa’s wider energy access challenge, noting that about 600 million people across the continent still lack access to electricity.
He said Africa currently attracts only about 2 per cent of global clean-energy investment, despite its significant energy needs and development potential.
“We cannot industrialise a continent the world considers too risky to power,” he stated.
According to the minister, African countries must create the right environment to attract more investment into the energy sector.
He identified efficient utilities, predictable regulation and credible investment opportunities as key conditions needed to encourage greater private-sector participation.
Dr Ato Forson acknowledged that large-scale energy infrastructure requires substantial and long-term financing, which governments alone may not be able to provide.
He noted that Africa’s debt-servicing obligations had placed additional pressure on public finances and limited the ability of governments to fund major energy projects directly.
“In 2025, Africa’s debt-servicing costs were equivalent to more than 85 per cent of the continent’s energy investment. Public budgets cannot carry it alone,” he said.
The minister therefore called for stronger use of guarantees, blended finance, local-currency funding, deeper capital markets and credible public-private partnerships to bridge the continent’s energy financing gap.
Power plant
Dr Ato Forson said Ghana’s planned 1,200MW gas-fired power plant reflected the government’s determination to strengthen the country’s power-generation capacity and provide industries with dependable electricity.
He argued that reliable and affordable energy would be critical to Ghana’s efforts to expand industrial production, create jobs and achieve sustainable economic growth.
The proposed plant is expected to add significant generation capacity to Ghana’s electricity system and, if completed as announced, would rank as the country’s biggest power-generation facility.
The announcement comes as Ghana continues to pursue policies aimed at strengthening energy security and creating the conditions necessary for increased industrial activity.
The government maintains that securing dependable and affordable power will be central to its economic transformation agenda, particularly as it seeks to attract investment, expand manufacturing and create more employment opportunities.