Ghana’s Minister of Finance, Dr. Cassiel Ato Forson, says Africa will fail to build its own battery and clean energy industries if it continues to export raw minerals.
Speaking at the 2026 Future of Energy Conference (FEC) in Accra, Dr. Forson said African nations must fix their economies and process their own resources locally. The conference, organised by the Africa Centre for Energy Policy (ACEP), focused on how Africa can manage its resources during the global shift to clean energy.
Dr. Forson explained that Africa must move away from selling raw materials abroad. Instead, the continent should manufacture high-value items like batteries for electric vehicles and energy storage systems.
He stressed that building strong industries requires economic stability. High inflation, rising costs, unpredictable exchange rates, high interest rates, and heavy debt stop businesses from growing.
“Macroeconomic stability is therefore not separate from industrial policy; it is indeed the foundation,” Dr. Forson said.
He shared Ghana’s recent economic progress as an example. Ghana lowered its inflation rate from 23.8 per cent in late 2024 to 4.6 per cent in July 2026. The national economy grew by 6.0 per cent in 2025 and 6.4 per cent in early 2026.
However, Dr. Forson noted that economic stability is only the starting point. Africa still faces severe energy shortages. About 600 million people on the continent lack electricity, while Africa receives only 2 per cent of global clean energy investment.
To solve this, he urged governments to create clear regulations and support private investors. He announced that Ghana is building a 1,200-megawatt state-owned gas plant to provide reliable, affordable power for local factories.
Dr. Forson also highlighted the burden of high debt. In 2025, Africa spent over 85 per cent of its total energy investments just paying back debt. He called for affordable local funding and partnerships to build factories rather than just paying for mining projects.
He urged African countries to use the African Continental Free Trade Area (AfCFTA) to trade and manufacture as one united market.
Outlining Ghana’s strategy, Dr. Forson explained that Ghana completed “Phase One” by restoring economic stability. Now, “Phase Two” will focus on attracting private investment, building industries, and creating jobs.
“Let us turn Africa’s potential into production, production into jobs, and jobs into prosperity,” Dr. Forson concluded.