CEO of Ghana National Gas Company Limited, Dr. Ben K.D. Asante, has issued a call to African leaders to harness the continent's abundant resources in order to combat persistent energy poverty. He stressed the need for a strategic balance between resource exports and local utilization to establish a sustainable, affordable, and accessible energy platform.

Dr. Asante made these remarks during his participation in the 14th Multi-year Expert Meeting of the United Nations Conference on Trade and Development in Geneva, Switzerland.

He emphasized that prudent resource management, the creation of a conducive fiscal environment to facilitate access to capital, and the development of local intellectual capacity are pivotal factors in driving development across the continent. Dr. Asante highlighted that Africa's share of the global gas market was 6% in 2021, with expectations of it rising to over 11% by 2050, accompanied by an increase in production from 260 billion cubic meters in 2021 to 585 billion cubic meters in 2050.

Despite these projections, he acknowledged the challenges associated with the development and utilization of Africa's energy resources. These challenges encompass a lack of access to capital for projects, insufficient infrastructure, unattractive fiscal regulations, unclear institutional and regulatory frameworks, limited intellectual capacity, inadequate local/private sector participation in the energy sector, and non-cost-reflective commodity prices.

Dr. Asante also discussed Ghana's oil and gas industry, specifically mentioning policies aimed at using gas for power generation, particularly to enhance electricity penetration in rural areas. He stressed the importance of formulating country-specific policies to meet the unique needs of citizens.

Furthermore, Dr. Asante promoted Ghana as an ideal investment destination and encouraged attendees to consider investment opportunities in the country.

The 14th expert meeting serves as a neutral platform for sharing successful strategies and policies at national, regional, and international levels to effectively manage commodity price volatility. It particularly evaluates the connections between commodity price fluctuations and key macroeconomic indicators in commodity-dependent and developing countries (CDDCs), as well as their impact on food security in net-food-importing countries. The session in Geneva also explored market and technology-based instruments for managing price risks. The next session, for which the Ghana Gas CEO has been invited, is scheduled to take place in Belgium.