#AOW2024: Energy ministers kick off oil conference behind closed doors

Gwede Mantashe delivered the opening keynote of the Ministerial Symposium at AOW

This year's focus on "Investing in African Energy" reflects the urgency of addressing energy poverty while navigating the complexities of the global energy transition.

A central theme of the closed-door discussions was the need to leverage Africa's abundant oil and gas resources to directly benefit the African people, the majority of whom still lack access to reliable, affordable energy.

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Ministers explored pathways to ensure that energy development translates into tangible improvements in living standards, including increased electrification, job creation, and economic growth.

"Our primary responsibility is to liberate the people of Africa from the shackles of extreme poverty, high unemployment, and persistent inequality," stated the host country’s Minister of Mineral and Petroleum Resources, Gwede Mantashe, echoing the sentiment of the closed session.

Energy is the flywheel for any nation’s economic growth.

Regional cooperation

Ghana's Minister of Energy, Herbert Krapa, emphasised the importance of regional cooperation in achieving these goals.

"Regional co-operation has a huge role to play in Ghana’s energy vision in that our plans include exporting energy to other parts of the continent."

He highlighted the need for removing trade barriers and developing shared infrastructure, such as pipelines and refineries, to maximise the benefits of energy resources for all Africans.

Trust between governments and investors

A panel discussion featuring prominent voices from the private sector underlined the importance of collaboration and trust between governments and investors.

Panellists called for stable regulatory environments, consistent policies, and innovative financing mechanisms to unlock the significant capital required for large-scale energy projects in Africa.

There was a strong consensus that "African solutions" are needed to address African challenges, with a focus on local content development and regional energy cooperation.

Energy transition

While acknowledging the global shift towards cleaner energy sources, ministers emphasised that Africa's energy transition must be pragmatic and consider the continent's unique circumstances.

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This should include maximising the use of its natural resources to address the need for regional energy security while simultaneously pursuing sustainable and equitable development models.

A sense of urgency permeated the discussions, with a clear call to move beyond dialogue and implement concrete actions.

Setting the tone

AOW event will continue over the next three days, featuring keynote presentations from industry experts, and government representatives, as well as panel discussions, and networking opportunities.

The outcomes of the closed-door ministerial session are expected to shape the tone and direction of these public discussions.