Government is benefiting from a 250 million euro facility from the German government to improve the country's entire grid system.
The facility is part of the G20 Partnership with Africa Initiative of the German government.
It is expected to help expand the grid system to enable power producers and distributors expand power supply to all parts of the country, including neighbouring countries in the region.
This came to light on Tuesday when officials from Siemens, the company that will be executing the project, called on the President at the Jubilee House.
Siemens signed a Memorandum of Understanding with the government through the Ghana Grid Company Limited (GRIDCo) to that effect.
Under the agreement, the two companies will work collaboratively to upgrade and extend Ghana's transmission infrastructure, improve the country's grid capacity and stability, enable and expand a stable power export to neighbouring countries in the West African Power Pool.
President Akufo-Addo described the facility as a major boost to the Ghanaian economy and commended the German government for the support.
The President has set out to achieve an ambitious strategy to transform the country, both socially and economically, and build an industrialised nation.
The President and Global Chief Executive of Siemens, Joe Kaeser, noted that access to electricity was an imperative need for people and businesses and a panacea for economic success of any nation.
"As Ghana has significantly invested into generation capacity, there is now an urgent need to build a reliable, affordable and sustainable electrical network for the country and its people," he said.