President Mahama Announces 1,200MW Gas-Fired Thermal Power Deal to Bolster Ghana’s Energy Security

President John Dramani Mahama has announced a landmark initiative to transform Ghana's energy landscape, revealing plans to finalize agreements for 1,200 megawatts (MW) of gas-fired thermal power by the end of this year. This expansion, which is set to become the nation’s largest thermal power capacity, is a central component of the government's strategy to ensure long-term energy security and support industrial growth. Speaking during a town hall meeting in New York, the President emphasized that the development is critical for Ghana to adapt to the ongoing global energy transition and maintain economic competitiveness on the world stage.

The project comes on the heels of significant structural reforms within the energy sector. President Mahama highlighted that his administration has successfully cleared substantial debts and reorganized the operations of the Electricity Company of Ghana (ECG). These efforts were specifically aimed at creating a more stable and financially viable sector, ensuring that power producers are paid promptly and reliably. This improved operational framework is expected to further boost investor confidence and facilitate the seamless integration of the new 1,200MW capacity into the national grid.

Beyond the immediate energy goals, the President pointed to a broader recovery in the national economy, fueled in part by the revitalized oil and gas sector. He noted that the country has seen a significant drop in interest rates and a stabilizing exchange rate for the cedi, which collectively create a more favorable environment for both domestic and foreign investment. As the government moves to sign the final power agreements, the emphasis remains on leveraging these infrastructure gains to drive sustainable economic stability and position Ghana as a leader in regional energy production.