Ghana think tank warns over financing risks of 2,000MW Russian nuclear project

Ghana’s proposed 2,000-megawatt (MW) nuclear power project with Russia faces questions over financing, reactor technology and how it fits with the country’s existing nuclear plans, according to the International Perspective for Policy & Governance (IPPG).

The Ghanaian policy organisation called for greater transparency before binding commitments were made, Business & Financial Times reported on November 5. Its concerns follow Foreign Minister Samuel Okudzeto Ablakwa’s October 31 announcement that Russia had agreed to work with Ghana on the plant after talks between Presidents John Dramani Mahama and Vladimir Putin on the sidelines of the Russia-Africa Summit in Moscow on October 30.

In a November 3 statement, IPPG sought details of the financing structure, government responsibilities, sovereign guarantees and allocation of construction and operational risks, warning of potential implications for public finances and electricity tariffs. It also questioned whether Ghana’s electricity grid could accommodate another 2,000MW without substantial investment, and called for clarity on reactor configuration, technology selection and regulatory preparedness before major financial commitments were made.

The Moscow talks build on a memorandum of understanding between the Ghana Atomic Energy Commission and Rosatom, cited by the Russian Embassy in Ghana in July. Rosatom said on October 30 that it was discussing nuclear projects with Ghana, Uganda, Ethiopia and Egypt. No financing package, reactor design, construction timetable or final contract for Ghana has been announced.

See IntelliNews: Rosatom discusses nuclear power projects with Uganda, Ghana, Ethiopia and Egypt.

The Russian proposal would sit alongside partnerships Ghana has already formed with China National Nuclear Corporation (CNNC) and US-based NuScale Power (`NYSE:SMR`). Nuclear Power Ghana signed a framework agreement with CNNC Overseas in April 2024 for a potential Hualong One reactor project. In March 2025, Ghana selected CNNC for a proposed 1,200MW reactor and US-based Regnum Technology Group, using NuScale technology, for a separate 924MW small modular reactor (SMR) plant of 12 modules. Neither has secured a final construction contract.

See IntelliNews: Ghana inks nuclear power agreement with China, advancing clean energy goals.

Ghana’s nuclear programme targets approximately 1,000MW by 2034, according to the World Nuclear Association. The Russian plant alone would double that target, and the two projects already selected would together exceed it. The government has not said whether the Russian project would supplement or replace them.

Progress on the existing programme has been slow. Ghana remains in Phase Two of the International Atomic Energy Agency’s (IAEA) three-stage Milestones Approach, and Nuclear Power Ghana Executive Director Stephen Yamoah warned in March that funding shortages for site characterisation and environmental studies were preventing further progress. Nsuban in the Western Region remains the preferred site for a large reactor, while officials have said a second site in the Central Region is being acquired for a smaller plant in an industrial enclave.

See IntelliNews: Ghana think tank launches year-long review of nuclear power investment readiness.

Separately, the Africa Sustainable Energy Centre (ASEC) welcomed the proposed Russian partnership but urged Ghana to balance nuclear development with investment in solar, wind and battery storage.

Executive Director Justice Ohene-Akoto said nuclear power should complement rather than replace renewable energy, while warning that weaknesses in maintenance of existing electricity infrastructure needed addressing before the country undertook a nuclear project, MyJoyOnline reported on November 3.