Ghana Pursues Nuclear Energy Deal with Russia to Reduce Electricity Tariffs

President John Dramani Mahama has announced plans to add 2,000 megawatts of nuclear power to Ghana's energy mix, aiming to reduce electricity tariffs, particularly for industries, and diversify the country's sources of power generation. This move is expected to create a balanced energy mix, complementing existing hydro, gas, and solar sources. The President disclosed this during an engagement with the Presidential Press Corps following his recent international engagements in Ethiopia, Russia, and Antigua and Barbuda.

Ghana has reached an agreement with Russia's nuclear power agency, Rosatom, on the proposed development, with negotiations expected to progress after the Attorney-General reviews the memorandum of understanding (MoU). Rosatom has the expertise and capacity to support Ghana's nuclear energy ambitions, having constructed nearly 38 nuclear plants in different locations, including Egypt. The agency will follow up with discussions with the relevant Ghanaian authorities after the Attorney-General has reviewed and approved the MoU.

The nuclear energy proposal was among the key issues discussed during President Mahama's bilateral engagement with Russian President Vladimir Putin at the Russia-Africa Summit. The discussions also covered education, security, artificial intelligence, digital education, transportation, and railway development, as well as increased scholarship opportunities for Ghanaian students in Russia. This engagement highlights Ghana's growing cooperation with Russia.

President Mahama dismissed suggestions that Ghana was abandoning its non-alignment foreign policy by engaging with Russia and seeking to become a BRICS partner. He quoted Ghana's first President, Dr. Kwame Nkrumah, saying, "We neither face east nor west. We face forward." The President stressed that Ghana was seeking partnership status, not full membership of BRICS, and that the decision was consistent with its foreign policy principle of maintaining friendly relations with all countries.

On the global financial architecture, President Mahama highlighted discussions with British Prime Minister Rishi Sunak ahead of Ghana's assumption of the African Union (AU) chairmanship and the United Kingdom's presidency of the G20 next year. The discussions focused on reforming the global financial architecture, addressing Africa's debt burden, and improving access to affordable credit for developing countries. The President noted that about 54 countries globally were spending more on debt repayment and interest than on healthcare.

President Mahama called for stronger African financial institutions, including the African Development Bank, African Export-Import Bank, and Africa Finance Corporation, to improve their capacity to finance development on the continent. He also emphasized the need for reparations for the consequences of the transatlantic slave trade and colonialism, citing the adoption of a United Nations resolution on the slave trade as a significant development.

The President outlined investment and development discussions with Singapore, Canada, and Caribbean countries, highlighting Singapore's 150 businesses operating in Ghana. These discussions aimed to promote trade and investment opportunities, supporting Ghana's economic development. The President's engagements demonstrate Ghana's efforts to strengthen international partnerships and address pressing national challenges.

Key points

• Ghana plans to add 2,000 megawatts of nuclear power to its energy mix to reduce electricity tariffs and diversify its power generation sources.
• The country has reached an agreement with Russia's Rosatom on the proposed nuclear energy development.
• President Mahama emphasized the need for stronger African financial institutions to finance development on the continent.