Ghana’s Energy and Green Transition Minister, Dr. John Abdulai Jinapor, has declared that financing remains the biggest barrier to unlocking Africa’s energy potential. He stated that coordinated investment is crucial for the continent to harness its energy resources effectively. This would support technology, innovation, industrial growth, and overall development across Africa.
Dr. Jinapor made these comments at the Stellenbosch Business School Alumni Association Thought Leadership Forum in Accra on Thursday, July 26, 2026. The forum focused on "Technology-Powered Africa: Financing Sustainable Energy & Enterprise Transformation." His remarks highlighted the urgent need for strategic financial interventions to address the continent's energy deficit.
This challenge is particularly significant for Ghana, a country actively pursuing both energy security and a green transition. Ghana aims to leverage its natural resources while also investing in renewable energy sources. The broader African context shows that despite possessing significant energy resources, including solar potential and oil and gas reserves, more than half of Africans still lack access to electricity. This disparity underscores the critical need for robust financial frameworks.
In a speech read on his behalf, Dr. Jinapor explained that Africa’s energy sector faces high capital costs. These costs are often linked to perceived risks, limited investment concentration, and inadequate funding for essential energy access and infrastructure projects. These factors collectively deter potential investors and slow down development.
Public and private financiers, including institutions linked to the G20 and multilateral development banks, mobilised approximately US$345 billion for African energy projects between 2012 and 2021. However, Dr. Jinapor pointed out a significant imbalance in this funding distribution. About 77% of these funds were directed to only ten countries, including Egypt, Nigeria, South Africa, Angola, Morocco, Ghana, Uganda, Kenya, and Ethiopia. This concentration leaves many other African nations struggling to attract necessary investment.
Dr. Jinapor urged African governments to prioritise strategic and collaborative financing initiatives. The goal is to develop sustainable and resilient power systems and deepen regional electricity trade. He emphasised that effective funding structures, stringent cost controls, and strong government commitment are essential to bridge the gap between Africa’s energy potential and its current reality. This approach would help unlock the continent's energy wealth.
The Minister stressed that Africa possesses abundant energy resources, including strong solar potential and significant oil and gas reserves in countries like Nigeria, Mozambique, Algeria, and Senegal. Despite these riches, the lack of electricity access remains a pressing issue. This problem is particularly acute in clean cooking, where many households still rely on inefficient firewood, leading to health problems, deforestation, and waste.
Dr. Jinapor encouraged African governments to manage energy resources as an economic base rather than a social handout plagued by subsidies and overspending. He called for sustained investment in transmission, distribution, and energy storage infrastructure. Stronger cross-border electricity trade could also allow countries to share excess power, improving regional energy security.
During a subsequent panel discussion, experts from academia, finance, and industry reinforced Dr. Jinapor's points. They noted that Africa needs to strengthen its technological and data capabilities. Access to capital alone will not solve the continent’s development challenges. Speakers cited mobile money as an example of successful technology adaptation to local realities, advocating for similar approaches in the energy sector.