The government has announced plans to inject 2,000 megawatts of renewable energy into the national grid within the next five years to power the Volta Economic Corridor renewable energy initiative aimed at driving industrialisation and export-led growth.
The additional generation capacity is expected to deliver reliable and competitively priced electricity for industries, agribusinesses, manufacturing firms and logistics operators expected to operate along the corridor.
The plan follows the signing of a Memorandum of Understanding between the 24-Hour Economy Authority, the Accelerated Export Development Secretariat and ATRI Energy Transition Private Limited to strengthen Ghana’s energy infrastructure and support long-term economic expansion.
Presidential Advisor on the 24-Hour Economy policy, Augustus Goosie Tanoh, said the project is critical to providing stable electricity for businesses operating under the government’s round-the-clock economic policy.
“Under the 24-hour economy programme, electricity supported by battery energy storage must stay within a cap of about seven cents per kilowatt hour.
“Without storage, the price band is expected to remain between four and five cents per kilowatt hour.” - Presidential Advisor on the 24-Hour Economy policy, Augustus Goosie Tanoh
Mr. Tanoh noted that the proposed pricing structure would significantly reduce electricity costs compared with current tariffs, which can reach about 15 cents per kilowatt hour.
According to Mr. Tanoh, the push to expand electricity generation is partly driven by rapidly increasing demand from emerging sectors such as electric vehicle charging networks, digital infrastructure and data centres.
“Ghana’s power consumption is growing rapidly. Recently, peak demand rose by about 800 megawatts, largely driven by new activities such as EV battery charging and the growth of data centres and digital hubs,” he explained.
Corridor expected to unlock investment and jobs
Chief of Staff Julius Debrah said the development of the Volta Economic Corridor could unlock significant investment opportunities and strengthen Ghana’s export value chains.
“Investments in shared processing facilities and logistics infrastructure will help strengthen Ghana’s export capacity,” - Chief of Staff Julius Debrah
Mr. Debrah added that the initiative could mobilise substantial capital, improve agricultural productivity, boost energy security and create thousands of jobs, particularly in northern Ghana.
“We have deliberately moved away from fossil-fuel-based generation and committed to clean and green energy solutions that are environmentally responsible and economically viable for the end user.”
Meanwhile, Founder and leader of ATRI Energy Transition Private Limited, Sammidi Kishore, said the company’s investment demonstrates a long-term commitment to sustainable energy.
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