Ghana - UNEP

For a medium growth scenario, the target is to attain a per capita income of about US$1,000 by 2030,which requires an average annual economic growth rate of 6.1%. Under this assumption the size of theeconomy will grow from US$7.6 billion in 2003 to US$38 billion 6 by 2030. The targeted trends ingrowth of total GDP, in population and GDP per capita are shown in Figure 4.80%60%40%20%0%1984 1994 2003 2005 2010 2015 2020 2025 2030YearAgriculture Industry ServicesFigure 3: Historical and projected sectoral shares of GDPIndex 2003 = 15.04.54.03.53.02.52.01.51.00.50.0GDPGDP/CapitaPopulation2003 2005 2010 2015 2020 2025 2030YearFigure 4: Population, GDP and GDP/Capita growth trends5.2.3 Future potential for development of indigenous energy resources5.2.3.1 Fossil fuelsGhana’s geology indicates the existence of some fossil fuel resources, but no discoveries ofcommercial oil or gas fields have been made so far. There are no coal resources in Ghana. In 1983, anational petroleum corporation was established to facilitate the exploration and development of thecountry’s petroleum resources. Exploration work by various companies continues under agreementswith the petroleum corporation of Ghana. In view of the unsuccessful exploratory efforts to date, nofuture contribution of indigenous oil and gas has been assumed in this study.5.2.3.2 HydropowerGhana’s first hydropower plant, Akosombo, was commissioned in 1965 and is still the largest powerplant in the country. In 1982, the second hydropower plant, Kpong, was commissioned downstream ofAkosmbo. These two hydropower plants produce more than half of Ghana’s total electricity.6 In constant 2003 prices.7