Ghana Announces $69.88 Million to Increase Electricity Access and Signs Renewable Energy Agreement

Published on: 27 May 2022
by KnowESG
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Ghana has agreed to invest $69.88 million in renewable energy over the next four years to enhance electricity access. Approximately 6,890 families, 6,001 SMEs, and 6,890 public buildings will be connected to electricity.

The project, which includes the design, engineering, supply, building, installation, testing, and commissioning of small grids and freestanding systems, would also assist about 1,350 schools and 500 health centres.

In the country, 70 towns in nine island districts have small grids, while 505 communities in 11 districts have freestanding solar photovoltaic (PV) systems.

The goal of the "Scaling-up Renewable Energy Programme (SREP)" is to narrow Ghana's 12.8 per cent electricity gap by boosting access to clean, dependable energy and promoting socio-economic growth.

It will also aid in the reduction of public sector electricity debt, costs for SMEs and households, and the implementation of the country's environmental, climatic, and social management strategies.

Mr Ken Ofori-Atta, Minister of Finance, and Dr Akinwumi Akin Adesina, President of the African Development Bank (AfDB) Group, signed the protocol agreement.

The initial component of the SREP would be the development of 38 small grids and standalone solar PV systems for 2,000 SMEs, 1,350 schools, 500 health centres, and 400 villages, which would take place between 2022 and 2025.

The second component, net metering, intends to scale up an existing initiative to roughly 12,000 roof-mounted net-metered solar PV systems, reducing public sector debt and bills for SMEs and consumers.

The fourth component would be the oversight of work, which would include the SREP Project Implementation Unit's running costs, the Distribution Utility's operations, and the implementation of environmental, climate, and social management plans.

Source: Business Ghana

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