Ghana

Ghana has a population of approximately 35.7 million and a projected nominal GDP of about US$118.3 billion in 2026, making it one of West Africa's largest economies. With around 2.3% of Africa's population and approximately 3–4% of the continent's GDP, Ghana represents a significant regional market supported by a diversified economy spanning services, industry, agriculture, mining and hydrocarbons.

Unlike many of Africa's major oil producers, Ghana's economy is not dominated by hydrocarbons. Gold remains the country's largest export, while cocoa, oil and other sectors also make important contributions to economic activity and foreign exchange earnings. This diversified economic structure has helped support Ghana's recovery following the 2022 debt crisis, with stronger growth underpinned by fiscal reforms, debt restructuring and improved export performance.

Energy nevertheless plays an increasingly important role in Ghana's long-term economic strategy. Since the discovery of the Jubilee oil field in 2007, the country has developed a growing upstream oil and gas industry that supports export earnings, government revenue and domestic gas supply for power generation. At the same time, Ghana has one of the more developed electricity systems in West Africa and serves as an important participant in the West African Power Pool, positioning the country as both a regional electricity supplier and a potential energy hub. Continued investment in upstream production, natural gas infrastructure, electricity transmission and renewable energy will therefore be important to sustaining economic growth, strengthening energy security and supporting Ghana's ambition to become a regional energy and industrial center.

Electricity demand in Ghana continues to rise as the economy expands and access to the grid improves. Grid electricity consumption is projected to reach approximately 19.2 TWh in 2026, equivalent to around 595–610 kWh per capita. Although this remains below the global average, it points to a steadily expanding electricity market driven by improving access to the grid and rising demand from households, businesses and industry.

The country's electricity system is built around two principal energy sources: natural gas and hydropower. Thermal power plants supplied approximately 68% of electricity generation while hydropower contributed around 31%, with solar and other renewable sources accounting for less than 1%. This mix reflects Ghana's domestic resource base. Hydropower has long formed the backbone of the electricity system through the Akosombo, Kpong and Bui dams, while the development of offshore gas fields, including Jubilee, TEN and Sankofa Gye Nyame (SGN), has enabled natural gas to become the country's largest source of electricity generation. Domestic gas production has expanded significantly in recent years, reducing dependence on imported fuels and strengthening energy security, although imports through the West African Gas Pipeline (WAGP) continue to supplement supply.

The country's principal challenge is no longer expanding gas or hydropower capacity, but diversifying the generation mix while meeting rising electricity demand. Despite possessing favourable solar irradiation and coastal wind resources, renewable energy deployment outside hydropower remains limited and well below the ambitions set out in the Renewable Energy Master Plan. At the same time, Ghana continues to strengthen its position within the West African Power Pool, supplying electricity to neighbouring countries while investing in generation, transmission and renewable energy to support long-term industrial growth and regional energy security.