Ghana’s Minister for Energy and Green Transition, Mr. John Abdulai Jinapor, has announced major new investments worth over US$3.5 billion into the country’s upstream petroleum sector as the 31st Africa Oil Week opened in Accra for the first time after three decades in Cape Town, South Africa.

Delivering his keynote address, the Minister said the government, under President John Dramani Mahama, is laying a strong foundation for a “new chapter” in Ghana’s energy story, anchored on confidence, collaboration, and concrete investments.

He revealed that the government has already signed a US$2 billion framework agreement with Jubilee and TEN partners to finance the drilling of 20 new wells and associated infrastructure.

In addition, a US$1.5 billion Memorandum of Intent (MOI) will be signed at the conference with OCT partners, signaling further investor confidence in Ghana’s upstream sector.

“These are not just figures on paper; they are a vote of confidence in our economy, a commitment to job creation, and a catalyst for the infrastructure that will power our nation forward,” Mr. Jinapor stated.

The Minister also disclosed that several global energy giants have expressed strong interest in entering Ghana’s oil and gas industry, which he described as a validation of the government’s efforts to create a stable and attractive investment environment.

On the continent’s broader energy outlook, he stressed that Africa must pursue an energy transition that balances sustainability with urgent development needs.

With over 600 million Africans still lacking access to electricity, he cautioned that the transition cannot come at the expense of poverty reduction and human dignity.

Highlighting Ghana’s domestic energy agenda, Mr. Jinapor pointed to the government’s ambitious Gas-to-Power policy, designed to utilise the country’s natural gas resources for electricity generation while reducing reliance on imported fossil fuels.

He also reaffirmed Ghana’s commitment to renewables, announcing that the country is on track to achieve 35% renewable energy in its total generation mix by the end of the year.

President Mahama has expanded the Ministry’s mandate to include Green Transition, reflecting Ghana’s push for sustainable growth and environmental responsibility.

“Ghana and Africa are open for business. We are reforming our economies, ensuring transparent regulatory frameworks, and are ready to work with partners who bring not only capital, but also technology and innovation,” the Minister affirmed.

Mr. Jinapor concluded with a rallying call to industry players, urging them to leave the conference with more than just promises: “Let us go with a binding commitment to act, create, and combine our intelligence to secure an energy future that is prosperous, sustainable, and distinctly African.”