Ato Forson announces plan to add 3,000MW Power Capacity by 2030
Finance Minister Dr. Cassiel Ato Forson has stated that Ghana’s energy expansion strategy remains central to the country’s industrialisation drive, warning that persistent power instability across Africa continues to undermine productivity and weaken manufacturing competitiveness.
Speaking at the Ishmael Yamson & Associates Business Roundtable on Thursday, May 28, Dr. Forson said Ghana is working to significantly expand electricity generation capacity to support industrial growth and ensure stable power supply.
According to him, the government is targeting an additional 3,000 megawatts of installed generation capacity by 2030.
“Ghana understands these challenges deeply. We are therefore targeting 3,000 megawatts of installed generation capacity by 2030,” he stated.
He revealed that President John Dramani Mahama had recently announced plans by the government to construct 1,200 megawatts of power generation capacity as part of the broader expansion programme.
“Our goal is to achieve 3,000 megawatts of additional installed capacity by 2030. Of this, 30 percent will come from renewable energy sources,” Dr. Forson added.
The Finance Minister noted that Africa loses an estimated US$25 billion annually as a result of power outages, describing the situation as a major obstacle to industrialisation, productivity, and value addition.
“We cannot industrialise in darkness. Energy remains central to Africa’s transformation. Yet over 600 million Africans still lack access to electricity. Africa collectively loses an estimated US$25 billion annually through power outages,” he said.
Dr. Forson argued that the continent’s ongoing energy challenges are unacceptable considering Africa’s abundant natural resources, including gas, hydro, solar, wind, and critical minerals needed for the global energy transition.
“This is unacceptable for a continent endowed with abundant gas, hydro, solar, wind, and critical minerals required for the global energy transition,” he stressed.
He further questioned how Africa could meaningfully pursue industrialisation without reliable and affordable electricity.
Dr. Forson also indicated that Africa’s future industrial growth would depend on moving beyond the export of raw materials toward value addition and local processing.
“The next quarter of a century should become Africa’s industrial century — not just extracting lithium, but refining lithium; not just exporting bauxite, but producing aluminium; not just exporting cocoa, but processing it and building competitive value chains,” he said.
He emphasised that reliable energy supply remains critical not only for infrastructure development but also for industrial competitiveness and job creation.
Touching on regional trade, Dr. Forson highlighted the importance of the African Continental Free Trade Area (AfCFTA), describing trade integration as an important strategy for economic growth and resilience across the continent.
“Trade integration is an economic survival strategy,” he added.
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