US $28.49M approved for Ghana’s energy goal

A sum of US $28.49M has been approved by the African Development Bank to boost Ghana’s universal electrification goal.

The Board of Directors gave the green light for the country to construct renewable energy infrastructure that will increase its renewable energy use by 10% through 2030.  The energy project include; construction of mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power, a practise known as net metering.

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Renewable Energy Program

The funding will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP) and the project is expected to contribute to closing gender gaps at the outcome level by creating 2,865 equitable jobs and livelihood opportunities out of which 30% will be for women and youth.

With the latest Board approval of US $28.49M, the project’s total cost of US $85.18M is in the coffers. The African Development Fund, the Bank’s concessionary window, has provided US $27.39M while Switzerland’s State Secretariat for Economic Affairs and the government of Ghana have contributed US $13.30M and US $16M respectively.

Under its New Deal on Energy for Africa, the African Development Bank seeks to promote the reduction of greenhouse gas emissions on the continent as well as light up and power Africa as part of its High 5 priority objectives for enhancing the continent’s socioeconomic development.