The Chief Executive Officer of the Ghana Gas Company, Ben Asante, has said that the ongoing Russia-Ukraine war presents a great opportunity for the leaders in the West African region to invest towards expanding their distribution capacities in targeting the European Market.
He said West Africa is in the best position to make up for the gas that is not coming from Russia following its decision to cut gas supply to Europe.
Dr Asante maintained that a constant and reliable supply of gas from Russia will remain an issue even when war ceases.
The Ghana Gas CEO added that the move will enhance the sub-region’s utilisation of its gas for more commercial benefits.
He made the remarks while delivering a public lecture at the Kwame Nkrumah University of Science and Technology on the theme ‘Gas commercialisation: Fostering a Sustainable Petroleum Economy, Opportunities and Setbacks’.
“West Africa because of its proximity will be the first in poll position to make up for the gas that is not coming from Russia. Even if the Ukraine-Russia war ceases there will still be some scepticism about the constant supply or reliable supply from Russia.
“So, West Africa should take advantage of its proximity and the difference between its production and utilisation to make for the deficits in Europe,” he stated.
Mr. Asante also highlighted the challenges of financing the transition from fossil fuels to renewable energy.
He noted recent efforts by African leaders to establish the African Energy Bank, aiming to reduce reliance on external financial resources.
This move, according to him, is expected to support the region’s energy sector development from within.
“Financial resources are going to be difficult, given the fact that you want to transition from fossil fuel to renewables. But if you heard last two weeks African heads have put together to establish the African Energy Bank, so we will not be looking from outside. Even if we do, it won’t be as much as we used to do before. So, we will be looking within ourselves for the financial resources to make this happen,” he added.