The Board of Directors of the African Development Bank approved on March 14, 2023 in Abidjan a grant of $28.49 million to Ghana to build renewable energy infrastructure, which will increase the use of renewable energy by 10% from here to 2030.
The financing, which will come from the Climate Investment Fund's Renewable Energy Development Program in Low-Income Countries, is intended to support the construction of mini-grids, stand-alone solar photovoltaic systems and the installation of solar batteries to store excess energy. , a practice known as net metering.
This latest Board approval brings the total cost of the project to $85.18 million. The African Development Fund, the Bank Group's concessional lending window, provided US$27.39 million. The Swiss State Secretariat for Economic Affairs and the Government of Ghana contributed US$13.30 million and US$16 million, respectively.
The project involves the design, engineering, procurement, construction, installation, testing and commissioning of renewable energy systems for island communities in the Lake Volta region.
It is expected to contribute to closing the gender gap in outcomes by creating 2,865 jobs and equitable livelihoods, 30% of which will be for women and youth.
Under its “New Deal for Energy in Africa”, the African Development Bank aims to promote the reduction of greenhouse gas emissions on the continent and light and feed Africa as part of its “High 5” priority objectives for enhance the socioeconomic development of the continent.