Financing Minister Dr Cassiel Ato Forson has actually revealed that the federal government will invest US$ 200 million in a 24-month atomic energy preparedness program as part of efforts to reinforce Ghana’s energy sector and support its industrialisation drive.
The program, which will range from January 2027 to December 2028, is anticipated to prepare the nation for the building of a totally state-owned nuclear reactor to offer trustworthy electrical power for homes and services.
Providing the 2027 Budget and the New Economy Agenda in Parliament, the Finance Minister stated the federal government plans to finish all needed preparations for the nuclear power task by December 2028.
He discussed that the target was to reach the needed level of preparedness and sign the engineering, procurement, building and construction and funding (EPCF) agreement for the proposed plant.
“Ghana will invest 200 million United States dollars in a 24-month nuclear readiness programme from January 2027 to December 2028,” the Finance Minister informed Parliament.
According to him, the financial investment will support the technical, regulative, monetary and ecological preparations required before the nation dedicates to the building of the center.
He stated that finishing the preparedness program by 2028 must not be misinterpreted for the start of nuclear electrical power generation in the exact same year.
He stated the due date was planned to make sure that Ghana had actually fulfilled all the requirements to participate in a building agreement.
“By December 2028, our target is to complete nuclear power readiness and sign the engineering, procurement, construction, and financing contract for a fully state-owned nuclear base load power plant,” he specified.
The Finance Minister even more discussed that nuclear preparedness would include numerous important phases, consisting of website viability evaluations, the choice of a proper nuclear innovation, ecological evaluations and the preparation of funding plans.
Other requirements, he stated, would consist of licensing preparations, nuclear safeguards, emergency situation preparation and the advancement of an extensive security case to satisfy global requirements.
Clarifying the federal government’s timeline, he stated, “Nuclear power readiness in 2028 does not mean nuclear power generation in 2028.”
“It means that site suitability, technology selection, environmental assessment, financing, licensing preparation, safeguards, emergency planning, and safety case have reached the standard where we can sign a contract,” he included.
Dr Forson likewise revealed that the proposed nuclear reactor would stay a tactical nationwide property under complete state ownership.
He stated the federal government had no intent of establishing the center under an independent power manufacturer (IPP) plan, where a personal business owns and runs a power plant and offers electrical energy to the state.
Rather, global partners would be engaged to supply the technical and financial backing needed to establish the job, while ownership of the center would stay with Ghana.
“The nuclear power plant will remain a strategic national asset, and it will not be developed as an independent power producer,” the Finance Minister informed Parliament.
He even more clarified the function anticipated of foreign partners, worrying that their participation would be restricted to supplying the proficiency and resources required to support the task.
“International partners will only provide technology, financing, engineering, and specialist services,” he stated.
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