The development of Ghana hinges on the country’s ability to supply adequate and reliable energy to the productive sectors of the economy. Over the last five years, power shortages have cost the economy in growth losses estimated at 2% of GDP. This has also affected the foundation required for an economic take-off, thereby weakening future prospects for accelerated economic growth. The oil and gas sector has also suffered production and revenue losses, as well as prolonged inactivity with potential for further slowing the growth of the oil industry. The 2016 general elections therefore provide an important bridge into the future as the next government, irrespective of which political party wins, will be faced with challenges as well as enormous potential for repositioning the energy sector as the engine of economic growth. This review is a cautionary note to the next government as it examines the variables that could shape the energy sector and the economy as a whole. We expect that guided by these comments, the energy sector challenges will be rigorously addressed in the short-to-medium term.