AfDB Boost Ghana’s Universal Electrification Target With Over $28m Grant

Posted by Eric Ojo Latest Headlines, News Around Africa Tuesday, March 28th, 2023

(AFRICAN EXAMINER) –African Development Bank (AfDB) has approved a grant of $28.49 million to enhance the attainment of Ghana’s universal electrification goal.

The grant is to enable the West African nation to construct renewable energy infrastructure that will increase its renewable energy use by 10 percent through 2030.

The financing, which will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP), will support construction of mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power, a practise known as net metering.

The project’s total cost of $85.18 million is in the coffers. The African Development Fund (ADF), the Bank’s concessionary window, has provided $27.39 million while Switzerland’s State Secretariat for Economic Affairs and the government of Ghana have contributed $13.30 and $16 million respectively.

The project consists of the design, engineering, supply, construction, installation, testing and commissioning of renewable energy systems on the island communities in the Volta Lake region.

It is also expected to contribute to closing gender gaps at the outcome level by creating 2,865 equitable jobs and livelihood opportunities out of which 30 percent will be for women and youth.

Under its New Deal on Energy for Africa, the AfDB 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.