Tema LNG: Ghana’s pathway to accelerated growth
The Tema LNG would enable gas to be supplied at an estimated price of US$6.90 per million British Thermal Units (MMBTU)
A United Kingdom energy think-tank has endorsed the Tema LNG project, describing it as a boost to Ghana’s growth and development agenda.
The government has come under criticism recently, over the importation of Liquefied Natural Gas (LNG), despite the production of natural gas in the country offshore oil fields in the western region.
But a leading UK risk assessment organization has lauded the Ghanaian government for its fore-sightedness in expanding the country’s oil mix, to engender growth and development.
The organization, Pangea Risk, while conceding that Ghana produces gas locally, however, explained that the country lacked the infrastructure to transport products from the west to the east, hence the exorbitant cost of domestic gas and incessant disruptions in supply. Pertinently, the infusion of LNG into the country’s energy mix will spur economic growth, it underscored.
“Based on energy data, imports of Liquefied Natural gas (LNG) would be more cost-effective, more reliable and cleaner than a domestic source of gas. The inclusion of LNG to the energy mix is therefore critical for Ghana’s growth and development and is good news for Ghana’s clean energy transition, with gas further displacing heavier fuels while spurring economic growth,” it said.
Pangea commended Ghana’s approach to energy security, saying it was worthy of emulation by other African economies, even as it underpinned its importance in guaranteeing constant power supply to fuel economic activities in the country.
“Ghana’s approach to energy security is an example to other African economies. By diversifying its resources of energy, it encourages reliability and competitive pricing, which will allow for more consistent power generation to boost its economic performance.
“By selecting gas as a transition fuel and connecting to the global LNG supply chain, Ghana has secured the first-mover advantage in the push for a greener future,” it further said.
The arrival of LNG in Ghana was described as an important milestone for the country as it moved to position itself as a hub for cleaner and cheaper fuel in the region.
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