This will mean scaling up the construction of mini-grids to provide power to some 200 and 2,000 islands and lakeside communities in the medium term respectively.
Terkper made the announcement in a speech read on his behalf by his deputy, Mrs Mona Quartey, at the second Ghana Renewable Energy Fair.
He revealed that the beneficiary "communities would enjoy the same electrification packages offered their counterparts in grid connected communities," he said.
On renewable energy, the Finance Minister announced the approved of a $320 million Scaling-up Renewable Energy Investment Plan (SREP-IP) by the Climate Investment Fund for Ghana.
According to him, the Ministry of Power would leverage additional financing to achieve flagship investment in the renewable energy sector under the SREP programme.