The government is optimistic of meeting its target of generating 10 per cent of power from modern renewable energy resources, including solar, waste, wind and wave by 2030.
Ghana, aside its hydro power plant generates 3.8 per cent of its energy from these renewable resources.
Mr Seth Mahu, the Director of Renewable Energy at the Ministry of Energy told the Ghana News on the sidelines of the maiden Investment Forum for Accelerated Partnership for Renewables in Africa (APRA) in Nairobi Kenya.
APRA is an African country-led international alliance of governments and stakeholders working together to accelerate the deployment of renewable-based energy systems to enhance energy access, enable green industrialisation, and improve economic and societal resilience.
Mr Mahu said, “There are a number of projects at different levels of progress, some completed, on-going and at the inception. I am optimistic that we will be able to achieve our target to consolidate our energy security.”
He stated the country had about six years to reach that target and outlined projects, including the Yendi 100 megawatts project, the Bui 250 megawatts project, and that of Volta River Authority would help to achieve the goal.
“We are talking to some independent power producers on wind projects. If we can reach financial close and get these projects off the ground, we should be able to achieve more than 1,400 megawatts of installed capacity by 2030,” he said.
Asked about the challenge of finance to expand projects, Mr Mahu explained that the government had identified some financial streams, including the use of carbon market proceeds to drive the industry.
“Ghana is one of the few countries on the continent with a matured carbon market under Article 6.0 of the Paris Agreement. That framework is meant to unlock climate finance or carbon finance for the industry, and we are working assiduously to bring in more innovative ways,” he said.
Mr Mahu said the government was leveraging the APRA platform to develop other bankable projects and secure funding for them.
“In the last three days we have had successful meetings with development partners and potential investors. We hope to continue the conversation when we get back to Accra to ensure that we are able to crystallize some of these discussions and translate them into tangible projects” he said.
The Director said Ghana had put in place the needed regulatory framework, infrastructure and stable political environment suitable for investment.
“For example, we have transmission infrastructures cutting across the length and breadth of the country, and we are also connected to the West African power infrastructure,” he noted.
Ghana, he stated, had competent technical manpower and strong institutions, including Energy Commission, Public Regulatory Commission ready to work with investment.
APRA’s member countries include Kenya, Ethiopia, Ghana, Namibia, Rwanda, Sierra Leone, and Zimbabwe, with Denmark, Germany, the United Arab Emirate, and the US as partner countries the Global Energy Alliance for People and Planet and the Rockefeller Brothers Fund as supporting partners; and the International Renewable Energy Agency (IRENA) fulfilling the secretariat role.
GNA