At the 14th German-African Energy Forum – Hamburg, Germany
Energy remains topical and is considered an essential input to our collective effort towards our recovery from the covid-19 pandemic. It is so important and strongly linked to other development factors including the Sustainable Development Goals of the 2030 Agenda, particularly a dedicated goal on energy -SDG7.
To achieve the SGD7 in a post-COVID-19 era and to accelerate economic growth would require disruptive thinking, unconventional strategies and smart investments in the productive sectors of our economies. Failure to do so would hamper economic and social growth and increase our vulnerabilities.
Ladies and gentlemen, access to adequate, affordable and reliable energy sources is the fulcrum to economic transformation of the African continent and the key to unlock our development potential. In order to achieve this milestone, there ought to be increased investment to provide the requisite energy infrastructure and services to the social and productive sectors.
The up-front cost or capital investment for energy infrastructure coupled with the limited access to funding has inhibited the progressive development of these critical facilities. We therefore need to adopt collaborative and innovative financing mechanisms as a response to the challenges.
The continent is known for its endowment with both conventional and renewable energy resources which if properly harnessed, would help us to sustainably meet the energy demand, while responding to the climate change challenge.
Ghana’s Ministry of Energy is fully committed to the goal of developing and ensuring a reliable high-quality energy service at efficient cost to all sectors of the economy through the formulation, implementation, monitoring and evaluation of energy sector policies. The Renewable Energy Act 2011 (Act 832) which aims to facilitate investment in our renewable energy sector was amended in December 2020 to respond to emerging trends of the renewable energy market.
The Government’s objective is to reach universal access by 2024 and achieve this before the 10% RE penetration in the national energy mix by 2030. To achieve the 10% renewable energy objective, we are rolling out flagship programmes including scaling-up renewable energy programme (SREP). The SREP is a multilateral funded initiative with funding from the African Development Bank, Climate Investment Fund and the Swiss Government and the Government of Ghana. The SREP would define the renewable energy landscape of Ghana.
We are also working on equitable basis with the German Government through its development agencies and German Development Bank (KfW) to implement major transmission and renewable energy generation projects across the country. I use this opportunity to thank the German Government for making Ghana a part of the marshal plan for cooperation and economic development and their support for the on-going Energy Sector Recovery Programme.
Whilst we make efforts to strengthen existing power systems, we must also take note of the numerous advantages that smart and green systems provide and ensure that they are incorporated accordingly into our systems .