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Structural burdens will weigh on Ghana's energy sector

Friday, June 2, 2017

Subject

Ghanaian oil and gas prospects

Significance

On May 20, Italy's Eni announced the start of oil production from the Sankofa development, to be followed by gas in 2018. The Ghanaian government also plans to increase gas imports, but this is only part of the solution to a complex set of energy sector problems. President Nana Akufo-Addo's new administration faces significant challenges clearing internal debt and meeting domestic demand while also dealing with larger-than-expected budget shortfalls.

Impacts

  • The government will prioritise the large number of power project agreements signed by its predecessor.
  • Further exploration in Ghana and Ivory Coast’s deep water will depend largely on the oil price.
  • More domestic gas supply could help bring down Ghana’s high electricity tariffs.
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