The government has announced plans to end Ghana's dependence on costly emergency power arrangements and eliminate the $1.4 billion it spends annually to cover financial shortfalls in the energy sector by 2030.

Finance Minister Dr Cassiel Ato Forson disclosed this during the presentation of the 2027 Budget Statement and Economic Policy to Parliament on Thursday, November 12, 2026.

He said the government would invest heavily in electricity generation, transmission and distribution to reduce the cost of power and improve the reliability of electricity supply.

As part of the plan, the government will invest $500 million between 2027 and 2030 to upgrade the country's electricity transmission network and reduce power losses.

Dr Ato Forson explained that the Ghana Grid Company (GRIDCo) would strengthen the transmission network linking northern and southern Ghana and improve electricity trade with neighbouring countries.

The investment would also provide reliable electricity connections to key industrial areas across the country.

To address losses in electricity distribution, the Minister announced plans to install two million prepaid meters and fully implement private sector participation in electricity distribution by the end of 2027.

He explained that the government would retain control of strategic public assets while bringing in private sector expertise to improve efficiency and reduce financial losses.

Dr Ato Forson also disclosed that the government intended to reduce the cost of generating electricity from about 16 US cents per kilowatt-hour to eight US cents or less.

According to him, lowering electricity costs would help businesses reduce production expenses, expand their operations and create more jobs.

“Mr Speaker, our goal is energy sovereignty. Ghana must have control over the generation and transmission of the electricity that powers our economy,” he stated.

The Finance Minister added that cheaper and more reliable electricity would support the establishment of factories, increase local processing of raw materials and reduce Ghana's dependence on emergency power arrangements by 2030.

DR/MA

LIVE: Dr Cassiel Ato Forson is presenting the 2027 Budget Statement and Economic Policy