‘We’re not borrowing a dime’ – Mahama announces 1,200MW gas thermal power plan

President John Dramani Mahama has announced plans for Ghana to add 1,200 megawatts of gas-fired thermal power capacity, with agreements expected to be signed before the end of 2026.

According to President Mahama, the projects will be financed with Ghana’s own resources rather than additional borrowing.

“We’re going to build the biggest thermal capacity in Ghana. Before the end of this year, we’re going to sign 1,200 megawatts of gas thermal power,” he said.

The President made the announcement during a town hall meeting with the Ghanaian community in New York on Friday, September 25.

He said the decision followed offers from independent power producers (IPPs) to invest in additional generation capacity, but government had opted to pursue its own thermal power expansion.

“IPPs, who yesterday were threatening me to switch off the lights, coming and saying, Oh, President, we can invest and give you another 500 megawatts of power. And I say, no, you keep your power,” President Mahama said.

He explained that the government would finance the planned capacity without contracting new loans.

“And you know what? We’re not borrowing a dime to do it. We’re doing it with our own money,” he said.

“We’re paying for it with our own money.”

The announcement comes as Ghana continues efforts to strengthen its power-generation capacity and improve reliability of electricity supply.

Ghana’s electricity generation mix includes hydroelectric and thermal power, with thermal plants playing a significant role in meeting demand, particularly when hydropower generation is constrained.

The government has in recent years faced challenges linked to power-sector financing, generation capacity and payments to independent power producers.

The proposed 1,200MW gas-fired capacity is therefore expected to form part of efforts to expand domestic generation and strengthen the reliability of the power supply.