Ghana must pursue a balanced energy strategy that protects hydrocarbons, expands renewables and prioritises domestic value creation to secure energy sovereignty amid the accelerating global energy transition, Chief Executive Officer of Chamber of Oil Marketing Companies (COMAC) Dr Riverson Oppong has said.

Speaking at a public lecture in Accra on the topic ‘Energy sovereignty in the context of global energy transition: What Africa should know’, Dr Oppong warned that Ghana and Africa risks losing control over their energy future if they fail to clearly define their position in the evolving global energy order.

“If Africa does not decide whether it is part of the energy transition, others will decide for us,” he said. “And those decisions will not necessarily favour our development priorities.”

He challenged the narrative that ‘energy transition’ implies a wholesale shift away from fossil fuels, noting that history shows energy systems evolve through addition rather than substitution.

“Coal did not replace oil, oil did not replace gas and gas was not replaced by nuclear or renewables,” he said, adding that hydrocarbons remain central to the global energy mix.

Despite a 36 percent improvement in global energy efficiency over two decades, he noted that energy demand and supply rose by 63 percent – demonstrating that efficiency alone does not reduce consumption.

“When energy becomes affordable and accessible, demand increases,” he said.

According to him, major economies pursuing net-zero targets continue relying heavily on oil, gas and coal – prioritising energy security over ideology.

“China still derives about 70 percent of its energy from hydrocarbons, Japan nearly 87 percent, and coal remains significant in the US and UK,” he said.

“No country has transitioned at the expense of its energy security,” he noted, adding Ghana and the rest of the continent must carefully contextualise their transitions based on their own aspirations and needs.

Dr Oppong, a seasoned energy expert, further described Ghana as one of Africa’s better performers in electricity access with coverage exceeding 90 percent, but stressed that access alone does not equate to energy security.

“Energy security is about accessibility, availability and affordability,” he said. “You cannot industrialise if power is available but unaffordable, or affordable but unreliable.”

He cited the country’s decision to utilise domestically produced gas for power generation as a strategic move that has delivered greater economic value than exporting the resource as liquefied natural gas.

“That is energy sovereignty in practice,” he lauded.

Despite gains in electrification, Dr. Oppong warned that clean cooking remains a major challenge in Ghana and across sub-Saharan Africa…. with close to one billion people still dependent on charcoal and biomass.

“Distributing gas cylinders without reliable refill infrastructure forces households back to charcoal,” he noted.

Dr Oppong cautioned that emerging global trade mechanisms – particularly the European Union’s Carbon Border Adjustment Mechanism (CBAM) – could penalise carbon-intensive African exports.

“As Ghana moves toward manufacturing and processing, the carbon intensity of our energy will increasingly affect competitiveness,” he said.

He also warned against over-dependence on oil and gas revenues, pointing to fiscal shocks experienced by Angola, Nigeria and Venezuela during periods of price decline.

“When oil prices fall, deficits widen and debt rises,” he said, calling for stronger savings frameworks and diversification.

Dr Oppong concluded that Africa’s energy transition must be pragmatic, combining hydrocarbons, renewables and emerging technologies to support industrialisation.

“The energy transition is not a threat if we manage it strategically. For Ghana, the priority must be energy security, local value addition and long-term economic resilience,” he concluded.

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