Ghana vies to host Africa Energy Bank

Dr Matthew Opoku Prempeh, Energy Minister, says Ghana is keen on becoming host to the Africa Energy Bank – a specialised bank to address the imminent funding challenge in Africa’s oil and gas industry.

Ghana and six other countries – Nigeria, Egypt, South Africa, Benin Republic, Cote d’Ivoire and Algeria, have all expressed interest to host the continental energy bank, expected to be operational in June 2024.

The development financial institution [Africa Energy Bank] is a brainchild of the African Petroleum Producers Organisation (APPO) and the African Export-Import Bank
(Afreximbank).

“Ghana is in pole position to host the Africa Energy Bank,” Dr Opoku Prempeh said at the maiden Africa Energy Tecahnology Conference at the Labadi Beach Hotel in Accra.

Speaking with the Ghana News Agency, the Energy Minister assured all stakeholders that “Ghana is well prepared to host the Bank; we meet all the criteria with other advantages inherent in our bid.”

Ghana, host of the Secretariat of the African Continental Free Trade Area (AfCFTA) is one of the few countries that have identified a place as the headquarters for the Bank.

“Ghana is one of the countries that’s not a host to any African financial institution; Egypt has the Afreximbank, Ivory Coast has the African Development Bank (AfDB). With our preparations so far, we’re ready to host the Bank,” Dr Prempeh said.

He said the establishment of the Bank would be critical in raising funds to invest in solving, not only Ghana’s energy sector challenges, but the continent’s.

He said the Bank would also provide an opportunity for the continent to raise funds and invest on its natural resources, address energy sector challenges to spur economic development, eliminate energy poverty, and create jobs for its people.

Dr Opoku Prempeh said the continent was endowed with rich critical metals such as Lithium, Cobalt, Tantalite, which were essential for the manufacturing of clean energy technologies such as Lithium-ion batteries for both the power and e-mobility sectors.

“Africa must leverage these enormous resources to bring in industries to process and manufacture finished products for both domestic consumption and export.”

Dr Omar Farouk Ibrahim, Secretary General, APPO, in an earlier media interaction said: “One of the requirements is that whichever country that’s going to host the Africa Energy Bank must give us a befitting headquarters, and Ghana has already shown us a property.”

At the conference, he echoed the essence of the Bank in making Africa look inward for funds for the continent’s development, and said, “the period of lamentation is over”.

He encouraged African governments and the private sector to increase collaboration and pool resources for research and innovations to collectively improve the continent’s energy sector.

“By pooling resources together, we can make a difference; our salvation as a continent and as a people lies within,” the APPO Secretary General said.

Ms Emelia Akumah, Founder and President, Africa Energy Technology Centre, said the conference was to help shape discourse in the continent’s energy and technology sectors, and take actions for its prosperous future.

She noted that investment in research and technology was critical, also in minimising the environmental impact of activities in the energy sector across Africa.