Dr. Matthew Opoku Prempeh, the Energy Minister of Ghana, has disclosed the country's aspiration to host the Africa Energy Bank, a specialized financial institution aimed at addressing imminent funding challenges in Africa's oil and gas sector.
Ghana, along with six other nations including Nigeria, Egypt, South Africa, Benin Republic, Cote d'Ivoire, and Algeria, has expressed keen interest in hosting the continental energy bank, set to commence operations by June 2024.
The brainchild of the African Petroleum Producers Organisation (APPO) and the African Export-Import Bank (Afreximbank), the Africa Energy Bank aims to provide vital financial support to the continent's energy industry.
During the maiden Africa Energy Technology Conference held at the Labadi Beach Hotel in Accra, Dr. Opoku Prempeh emphasized Ghana's readiness to host the bank. He assured stakeholders that Ghana meets all the necessary criteria and possesses inherent advantages to support its bid.
As the host of the Secretariat of the African Continental Free Trade Area (AfCFTA), Ghana stands out among the contenders, having already identified a suitable location for the bank's headquarters.
Dr. Opoku Prempeh stressed the importance of the Africa Energy Bank in mobilizing funds to address energy sector challenges not only in Ghana but across the continent. He highlighted the bank's potential to foster economic development, eradicate energy poverty, and create job opportunities.
Moreover, the minister emphasized Africa's abundance of critical metals such as Lithium, Cobalt, and Tantalite, essential for manufacturing clean energy technologies. Leveraging these resources, he noted, could attract industries for domestic consumption and export, further enhancing Africa's economic prospects.
Dr. Omar Farouk Ibrahim, Secretary-General of APPO, reiterated the significance of the Africa Energy Bank in fostering intra-continental cooperation and resource mobilization. He called for increased collaboration between African governments and the private sector to drive research, innovation, and development in the energy sector.
Ms. Emelia Akumah, Founder and President of the Africa Energy Technology Centre, underscored the importance of investment in research and technology to minimize environmental impacts and drive sustainable growth in the energy sector across Africa.