She indicated that although only about 7% of Ghana’s national revenue is derived from the fossil fuel sector, this revenue plays a vital role in supporting critical sectors such as education, agriculture, and healthcare.

Despite this, Ghana has ambitious plans to expand its footprint in the petroleum sector, including strengthening the Ghana National Petroleum Corporation (GNPC).

At COP27 in Egypt, Ghana launched its Energy Transition Investment Plan, initially seeking over $600 million in funding. CSOs pushed back, calling for deeper consultation and alignment with the realities on the ground. The plan has since been revised, now targeting $550 billion by 2060, with the goal of achieving net-zero emissions.

However, she warned that global demand for fossil fuels is declining rapidly, recounting how, in 2021, the Ministry of Energy began coordinating a national energy transition plan with the support of civil society organisations (CSOs), including NRGI. Concerns were raised about coordination, transparency, feasibility, and inclusion, particularly for vulnerable groups such as youth, persons with disabilities, and workers in the energy sector who would need retraining and support.

Speaking during a multi-stakeholder dialogue on Wednesday, May 21, she highlighted the contradiction between Ghana’s continued investment in fossil fuels and the global momentum toward clean energy.

“If the buyers of our fossil fuel products are moving away, we also need to have a plan,” she said, emphasising the importance of scenario planning and future forecasting to protect the country’s economy.

Chinery also pointed out the broader geopolitical shifts that affect financing for African countries. “Donor funding is shrinking,” she said, referencing reduced international aid from the U.S. and Europe due to rising domestic priorities.

This, she stressed, makes it even more urgent for African nations to look inward and align their mineral and energy sectors in a sustainable, strategic way.

“This meeting is timely. We need to know where we are, who is doing what, what more needs to be done, and most critically, how we’ll raise the money to finance Africa’s energy transition.”