The Minister of Energy, Dr Matthew Opoku Prempeh, has outlined Ghana's Energy Transition and Investment Plan, aiming to attract a capital investment of US$550 billion.

The plan seeks to enhance renewable energy and incorporate nuclear energy into the nation's energy mix.

Dr Prempeh addressed investors during Ghana's Energy Day at the Conference of Parties (COP28) in Dubai, UAE on Tuesday, December 5.

He highlighted that the Energy Transition Investment Plan (ETIP) envisions a significant portion of the funding coming from private sector capital and de-risking instruments.

The Minister emphasised that the government would undertake policy reforms to create a conducive environment for the execution of energy transition projects.

"Investments are also needed for the deployment of electric vehicles, the construction of electric and hydrogen fuel cell charging stations, the production of biofuels, the replacement of biomass industrial boilers with electric boilers, and the provision of energy-efficient electrical appliances for the residential and service sectors, among others," stated Dr Prempeh.

He emphasised that achieving the required capital would result in universal access to affordable and reliable power by 2024, economy-wide decarbonization, socioeconomic development, the creation of about 400,000 new jobs, and ultimately achieving net-zero emissions in the country by 2060.

Dr Prempeh extended an invitation to investors, urging them to collaborate with the government of Ghana in implementing the projects outlined in the Energy Transition Framework, contributing to industrialization and the nation's net-zero targets.