President John Dramani Mahama has emphasized the urgent need for Africa to leverage its vast oil and gas reserves to drive industrialization and expand energy access, warning that the continent’s development aspirations will remain out of reach without reliable power.
Speaking at the 2025 Oil Week Conference, President Mahama noted that Africa holds nearly 10 percent of the world’s proven oil reserves, describing the resources as a potential game-changer for the continent’s economic transformation.
“Africa holds nearly 10% of the world’s proven oil reserves. These resources present an opportunity to transform our continent from a primary exporter of raw commodities into a hub for energy-driven value addition, boosting our petrochemical potential and our industrial growth,” he said.
He drew attention to the ongoing challenge of energy poverty across the continent, noting “More than 600 million Africans still lack access to electricity, while another one billion have no access to clean cooking systems. This is a gap we must urgently close if we are to achieve the African Union Agenda 2063 and the UN Sustainable Development Goals before 2030,” President Mahama warned.
The President also cautioned that Africa risks losing value from its resources if it continues to depend too heavily on foreign investment.
“If international oil companies reduce their presence, we must prevent our resources from becoming stranded assets. African collaboration, financing and innovation are the way forward,” he stressed.
President Mahama highlighted the role of continental institutions such as the African Petroleum Producers Organization (APPO), the African Continental Free Trade Area (AfCFTA), and the Emerging African Energy Bank. According to him, these bodies can pool African resources to fund exploration, petrochemical processing, storage, and transport infrastructure.
“Together, they can ensure that Africa’s resources fuel African development. Here in Ghana, opportunities abound in the oil and gas sector,” he added.
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Source: Frederick Kofi Thompson-Quartey/ATLFMNEWS
