The Lead Technical Consultant to the Chamber of Petroleum Consumers Ghana (COPEC), Dr Yusif Sulemana, has suggested that this is the best time for Ghana to invest in green energy.
According to him, especially at a time when the price of oil is hovering around $60 per barrel on the international market due to the COVID-19 pandemic, the country must leverage the circumstances and invest in “going green”.
In his view, “it is not a secret that green energy is vibrant and gathering momentum”.
His comment follows an announcement by the Nigerian government that they are set to start 100 oil and gas projects by 2025.
Speaking to Class Business’ Pious Kojo Backah, Dr Sulemana said: “To have oil price at 60 dollars and above is the best timing to have any investment, both in the upstream and the downstream. I’m saying that because this oil price that we have now is almost like the price we had in pre-COVID era”.
On whether Ghana can draw any lessons from the global energy community’s drifting to the world of renewables, Dr Sulemana said the time is now for Ghana to actualise its quest for going green.
He advised the country to take a cue from Nigeria.
“Before COVID-19 collapsed the global energy community, oil price was around 64 to 65 and the total global consumption was around 100 million barrels per stream”.
“Now, we have it the same way, though the total global consumption around 96-97, it is not up to 100 again”.
“It is in the 90s”.
“So, what it means is that the price we have now is actually due to, not necessarily demand growth, albeit demand growth is gradually picking up,” Dr Sulemana indicated.