Ghana and Equatorial Guinea are closing in on an agreement for the supply of liquefied natural gas (LNG) to augment Ghana’s energy security.
The two countries have signed a memorandum of understanding in June for the supply of liquefied natural gas from Equatorial Guinea to Ghana.
“My presence here is a consummation of this bilateral agreement, and represents a significant step towards matching Equatorial Guinea’s excess gas supply to Ghana’s ever growing demand,” the country’s president Akufo-Addo said during his three-day official visit to Equatorial Guinea.
He added on Monday that a government-to-government deal is expected to be signed during this week.
Under the heads of agreement, Equatorial Guinea would supply LNG to Ghana for a period of 15 years, with the deal reviewable every five years.
The Memorandum of Understanding provides that Equatorial Guinea will supply the equivalent of 150 million standard cubic feet of natural gas per day to Ghana.
The MoU also provides for the building and operation of an LNG regasification terminal in Takoradi.