Skip to main content

Ghana receives investment plan to transform renewable energy sector



The Climate Investment Funds (CIF) unanimously endorsed Ghana’s ambitious investment plan to transform and promote its renewable energy sector, at its governing body meetings held in Washington DC last weekend.

The plan, which is slated to receive US$40 million in funding from the CIF’s program for Scaling up Renewable Energy (SREP) in low income countries, is structured around four key projects.

The projects are renewable energy mini-grids and stand-alone solar PV systems; solar PV-based net metering with storage; utility-scale solar PV/wind power generation; and a technical assistance project supported by the Sustainable Energy Fund for Africa (SEFA).

With a significant number of its citizens without access to basic electricity, Ghana is committed to drawing on its wealth of renewable resources to build a sustainable energy sector, and has already adopted a set of energy policy targets, including providing universal access to electricity by 2016 and achieving a 10% contribution of renewables in the electricity generation mix by 2020.

However, today its renewables sector faces challenges including inadequate regulatory, contractual and tariff frameworks, and limited interest from investors.

The infusion of SREP funding, along with US$53.5 million in support from the African Development Bank (AfDB) and financing from other development partners, will help the country scale up and leverage private and public financial resources to build the country’s renewables sector and carry out the innovative set of projects.

“We are very pleased to receive this important endorsement from SREP,” stated the Deputy Minister of Power, Mr. John Jinapor, who led the country’s delegation together with Mr. Seth Mahu, Ghana SREP National Focal Person; and Henry Vanderpuye, SREP National Taskforce Member for the presentation of the investment plan to the SREP Sub-Committee.

“The potential we see through this plan for scaling-up the country’s renewable energy development is enormous, not only because of the funding to be provided, but because it will help increase investor confidence, reduce regulatory, institutional and contractual barriers, and provide needed technical support and capacity, and ultimately help Ghana’s citizens to sustainably access climate-friendly energy.”

The SREP investment plan is Ghana’s second investment plan under the CIF. The country also has an active portfolio under the CIF’s Forest Investment Program (FIP), one of a handful of countries with plans in several sectors and the SREP decision allows the country to exponentially expand its landscape of climate-smart development overall.

Established in 2008, as one of the largest fast-tracked climate financing instruments in the world, the US$8.1 billion CIF provides developing countries with grants, concessional loans, risk mitigation instruments, and equity that leverage significant financing from the private sector, multinational development banks (MDBs) and other sources.

The five MDBs the African Development Bank (AfDB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Inter-American Development Bank (IDB), and World Bank Group (WBG) implement CIF-funded projects and programs.

Credit: CIF

Comments

Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong sarpong007@gmaail.com
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…