With 17 oil and gas projects in the pipeline until 2027, Ghana is pursuing enhanced exploration and production to stabilize the market and unlock greater returns. For its part, the GNPC – through Explorco – has been at the helm of this growth, intensifying its exploration efforts to unlock new hydrocarbon reserves and sustain Ghana’s long-term energy security. In 2025, the company is seeking play-opening discoveries in the onshore Voltaian basin, with an exploration well planned this year. The onshore basin covers an area of 100,000 km² and could be a game-changer for the country. The GNPC has invested $160 million in seismic data acquisition across the basin, aimed at identifying geological structures and supporting future exploration targets.

Explorco was established to strengthen GNPC’s interests in exploration and production activities across Ghana. In alignment with the GNPC’s broader industry goals, the company implemented short-term objectives in February 2025 to enhance oil production and attract investment through collaboration, innovation and operational efficiency. Progress has already been seen to achieve these goals, with international oil company partnerships and GNPC-led upstream projects underway. In 2024, the country reported a 10.7% increase in oil production, with operations in the Jubilee South East project – led by Tullow Oil – contributing to a rise in output.

Energy major Eni and the GNPC also committed to strengthening cooperation in March 2025 under efforts to boost exploration and production in Ghana. The companies aim to pursue joint goals, including establishing joint ventures, integrating advanced technologies and investing in local capacity. Eni currently operates the Offshore Cape Three Points integrated project alongside Vitol and GNPC.

Meanwhile, working alongside international partners, the GNPC targets several offshore drilling programs in 2025. Tullow Oil is set to drill one producer and one injector well at the Jubilee field in May 2025. A 4D seismic survey is already underway at Jubilee and its adjacent field TEN, aimed at optimizing the 2025-2026 drilling program being implemented by Tullow Oil.

“Ghana offers significant growth opportunities for exploration and production firms, and Explorco is leading the way towards unlocking the country’s petroleum basins. Through strategic partnerships, cutting-edge technology and a commitment to local content development, the GNPC is shaping Ghana’s future as a competitive oil and gas producer,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

Taking place at the Kempinsky Hotel in Accra, the Ghana investor briefing serves as a prelude to the African Energy Week (AEW): Invest in African Energies conference this September in Cape Town. The event offers a platform for investors and project developers to explore opportunities in Ghana’s upstream market. By facilitating direct engagement between Explorco and potential investors, the event aims to unlock new partnerships that will drive exploration and production activities. Investors will gain firsthand insight into Ghana’s evolving regulatory framework, licensing rounds and infrastructure development, enabling them to make informed investment decisions.

• Siemens partners with Miko Pharma to develop cutting-edge pharmaceutical manufacturing facilities in Ghana. 
• The agreement aims to create 130 jobs and produce affordable, high-quality medications for various ailments. 
• Ghana’s pharmaceutical sector is set for significant expansion, with sales forecasted to reach GH₵10.7 billion by 2028. 

Siemens (www.Siemens.com), the trusted global technology leader, has signed a landmark agreement with Miko Pharma to develop state-of-the-art facilities for the local production of life-saving generic pharmaceuticals in Ghana. This deal, one of the largest in Ghanaian pharmaceutical history, was finalized at the prestigious Hannover Messe trade show in Germany.

Siemens will be responsible for developing industrial applications, buildings, infrastructure, and utilities for Miko Pharma’s operations in Eastern Ghana, adhering to stringent World Health Organization standards.

“Our goal is to enable the manufacture of safe pharmaceutical drugs in Africa. This partnership with Miko Pharma represents a significant step towards achieving that goal. By leveraging our cutting-edge technology and unparalleled expertise, we aim to create a sustainable and self-sufficient pharmaceutical industry in Ghana. We are honoured to support our partners in this transformative journey,” says Sabine Dall’Omo, CEO, Siemens Sub-Saharan Africa.

“Miko Pharma plans to create 130 jobs in the manufacturing of affordable and effective superior quality medications for the treatment of various ailments, including high blood pressure, diabetes, heart disease, HIV, malaria, and pain, in Ghana,” according to Dr Michael Obeng, CEO and founder of Miko Pharma, a Harvard-trained plastic and reconstructive surgeon and a fellow of the American College of Surgeons. “This initiative will significantly enhance healthcare accessibility in the region.”

“Being in Germany to sign this historic agreement with Siemens was a moment of immense pride for our team at Miko Pharma. This partnership is not just about building facilities—it’s about transforming healthcare in Ghana and setting a new standard for pharmaceutical production in Africa. With Siemens’ expertise, we are confident that these state-of-the-art facilities will deliver affordable, high-quality medications to those who need them most, while also creating meaningful employment opportunities. This is a pivotal step toward our vision of a self-reliant and thriving pharmaceutical sector in Ghana,” says Mr Willard Jackson, Executive Director for Miko Pharma.

This historic agreement between Siemens and Miko Pharma marks a significant milestone in Ghana’s pharmaceutical industry, promising substantial economic growth and improved healthcare accessibility. By leveraging world-class technology and expertise, this partnership aims to empower local production and create a sustainable future for pharmaceutical manufacturing in Ghana.

Overview of the pharmaceutical industry in Ghana 

Currently, 30% of pharmaceutical demand in Ghana is met by locally produced products.

The Ghana Food and Drugs Authority recorded 36 pharmaceutical manufacturing facilities with active licenses and over 3500 pharmaceutical shops by 2023.

The pharmaceutical industry is a growing contributor to the Ghanaian economy, accounting for 0.8% of GDP and 21.8% of total healthcare expenditure in 2023. Research by Deloitte Ghana indicates that pharmaceutical sales in Ghana reached GHS6.6bn (US$571mn) in 2023 and are forecasted to grow to GH₵10.7 billion (US$735mn) by 2028, driven by increased consumption within the generic medicines sub-sector. Statista projects that the pharmaceutical market in Ghana will achieve a revenue of US$254.88m in 2025.

The Siemens-Miko Pharma deal has the potential to significantly boost the local pharmaceutical manufacturing industry, surpassing previous economic forecasts.

The awards celebrate Africa’s most innovative and transformative financial deals, highlighting exemplary execution, effective mobilization of new liquidity pools, and innovative deal structuring.

In its debut on the international sustainable finance market, announced in March 2024, Senegal raised $545 million in long-term financing – part of it in the CFA franc. The African Development Bank served as a financial advisor in addition to providing a partial credit guarantee. The pioneering transaction, which leveraged the Bank Group’s credit guarantee to secure favorable borrowing terms and attract diverse investor segments, was seen as underscoring Senegal’s commitment to financing critical sustainable development projects in climate resilience, renewable energy, and social infrastructure.

In April 2024, Rwanda secured a partial credit guarantee from the African Development Fund, the Bank’s concessional window, paving the way for long-term funding from international commercial banks. The financing is supporting Rwanda’s National Strategy for Transformation, which focuses on green urbanization, environmental sustainability, social inclusion, and health and education infrastructure. With the African Development Bank serving as the initial mandated lead arranger, this transaction diversifies Rwanda’s financing sources and underlines the growing attractiveness of African sustainable investment opportunities in global markets, while enhancing citizens’ quality of life.

Ahmed Attout, the Bank Group’s Director for Financial Sector Development, said: “These awards underscore the Bank’s steadfast commitment to fostering competitive and sustainable financing solutions. By tailoring partial credit guarantees to the specific needs of member countries, Senegal and Rwanda now have access to competitive international capital, enabling them to mobilize long term funding from international commercial banks for green and social initiatives for the first time.”

Max Magor N’diaye, Bank Group Senior Director for Syndication, Co-financing client solutions and the Africa Investment Forum stated: “The awards shine a spotlight on these innovative transactions, marking a game-changing benchmark for leveraging sustainable financing to drive transformative and social progress. They not only benefit communities but also pave the way for a resilient and prosperous future.”

Bonds, Loans & ESG Capital Markets Africa, held annually at the Cape Town International Convention Center, is an important event for Africa’s capital markets, bringing together the public and private sectors, government officials, financial institutions, investors, and industry experts for dialogue.