Government has signed a 7 billion dollar agreement with energy firms ENI and VITOL for the development of oil and gas off the western cape three points.
The project is expected to augment Ghana's power needs and ameliorate the increasing power crisis in the country.
The agreement was signed on Tuesday at the Peduase Lodge at Aburi in the Eastern Region.
Officials of the two companies together with President John Mahama and his vice, Papa Kwesi Amissah Arthur were present at the signing ceremony, Multi TV's Gifty Andoh Appiah reported.
The project is expected to take off in 2017 and will deliver up to 170 million cubic feet of gas per day for the next 20 years.
President John Mahama said the project will provide over 1100 megawatts of power, more than what the Akosombo dam is able to generate.
"It is simply the largest investment in Africa... a landmark event in the development of oil and gas," President John Mahama said.
For a country reeling in darkness following years of load shedding programmes, the President said the project will be good news to all Ghanaians and will ensure sufficient power for all.
He said the government will work assiduously to ensure the project is completed on schedule.