Ghana Targets $10.8bn in Renewable Energy Investment by 2030

October 27, 2026 | By Semahegn Nigatu

Ghana plans to mobilise 10.8 billion US dollars for renewable energy projects between 2026 and 2030, targeting new utility-scale solar and wind capacity alongside mini-grids and clean-cooking initiatives.

The updated Renewable Energy Master Plan, developed by the Ministry of Energy and Green Transition with support from the United Nations Development Programme (UNDP), targets 852 megawatt-peak of utility-scale solar photovoltaic capacity and 709 megawatt-peak of wind power over the five-year period.

The programme also includes 127 megawatts of additional hydropower, 440 mini-grids to serve rural and island communities, and the distribution of 1.1 million solar lanterns. It envisages expanding biofuel production and the use of improved cookstoves.

The investment requirement is nearly double the 5.6 billion US dollars associated with the previous master plan introduced in 2019. The updated programme is projected to generate more than 353,000 jobs across manufacturing, installation, operations and research, according to UNDP. The employment figure is a projection rather than a confirmed outcome.

The plan comes as West African countries seek financing to expand renewable power generation and improve electricity access. Ghana’s programme combines large-scale generation projects with decentralised systems intended to reach communities that are difficult to serve through conventional electricity infrastructure.

However, implementation will depend on securing financing, completing procurement and connecting new generation capacity to the electricity grid. Previous implementation efforts faced weaknesses in coordination, monitoring and evaluation, according to reports on the updated plan.

Nigeria has separately introduced a financing mechanism for decentralised renewable energy. The Nigeria Distributed Renewable Energy Fund, which reached commercial launch in September 2026, is designed to mobilise investment for off-grid and distributed solar systems, including projects serving communities and businesses with limited electricity access.

The two initiatives address different parts of the energy market. Ghana’s master plan covers utility-scale generation, rural electrification and clean cooking, while Nigeria’s fund focuses on distributed renewable energy.

Source: FSX Business News