South Africa’s Minister of Electricity and Energy, Dr. Kgosientsho Ramokgopa has called for the use of diversified energy resources and enhanced regional cooperation to ensure energy security across Africa, highlighting the need for $2.6 trillion in energy financing by 2040 to meet the continent’s power sector targets.
During a media briefing in Cape Town on March 4, Minister Ramokgopa emphasized that reliable and sustainable energy access in Africa will require policy reforms, strategic investments and regional collaboration.
“Africa must chart its own energy future,” the Minister stated, adding, “One that prioritizes energy security, economic growth and industrialization while ensuring a just and equitable people-centered transition.
During the briefing, Minister Ramokgopa outlined five strategies for driving energy security on the continent. One of the primary strategies is de-risking investments through blended finance structured and guaranteed mechanisms, which are necessary for reducing the cost of capital in the energy sector. Additionally, he noted that innovative financial instruments are essential for easing debt burdens in developing countries.
The Minister further explained that financial structures should align with national strategies to improve coordination among local financial sectors across Africa. Strengthening the role of national development banks, he said, will help local governments and economies bridge the financing gap in the energy sector, along with creating enabling environments for private sector investment and robust regulatory frameworks that are investor-friendly.
Additionally, Minister Ramokgopa highlighted Africa’s strategic energy vision for 2063, which aims for universal access through regional integration. The Africa 2063: Strategic Actions for Energy framework targets a total power capacity of 600 GW across the continent by 2050, alongside a network of integrated power pools to enhance energy security.
