Ghana signs grant agreement with African Development Fund, government of Switzerland, to support… & More News Here

The agreements, for the event of 35 mini-grids and stand-alone photo voltaic PV programs, have been signed on Wednesday 25 May at a brief ceremony held on the sidelines of the African Development Bank Group’s 2022 Annual Meetings. They have been signed by Ghanaian Finance Minister Ken Ofori-Atta, chairman of the board of governors of the African Development Bank Group, Ambassador Dominique Paravicini, the African Development Bank Group’s governor for Switzerland and Dr. Akinwumi A. Adesina, president of the African Development Bank.

The submit Covid-19 period has highlighted the significance of dependable power providers. The mission will assist Ghana’s Covid-19 Alleviation and Revitalization of Enterprises Support (Ghana CARES) program, which identifies the power sector as an enabler of financial transformation.

Minister Ofori-Atta stated the agreement demonstrated his government’s dedication to improve the financial and social viability of low carbon investments and attaining power effectivity. Ghana’s electrical energy entry charge is presently at 87.13% the minister revealed. The final mile was usually the costliest and troublesome, he famous.

Today’s occasion not solely marks the primary stage however marks an vital milestone for offering local weather aware improvement throughout the nation,” Ofori-Atta stated. “It is truly important and significant for us as we move toward net zero.”

Ambassador Paravicini stated: “We are pleased to have reached another milestone in our cooperation with this wonderful country. We hope that, together, this project will bring sustainable and affordable electricity to over 6,000 small and medium-sized enterprises and almost 5,000 households, besides 1,100 public buildings.”

Dr. Adesina stated: “The Bank helps Ghana’s efforts in constructing resilience to the socio-economic impacts of the COVID-19 pandemic by offering electrical energy to well being care facilities, colleges and island communities, presently with out entry to electrical energy providers, thus enabling refrigeration of vaccines and testing amenities in these communities “.

The government of Switzerland financing will particularly assist the size up of the prevailing Ghana web metering program and deploy up to 12,000 items of roof-mounted net-metered photo voltaic PV programs for Small and medium sized Enterprises (SMEs) and households. Solar cells, additionally referred to as photovoltaic (PV) cells, convert daylight straight into electrical energy.

The programs will energy 750 small medium-sized enterprises, 400 colleges, 200 well being facilities and the power service programs in 100 communities within the Volta Lake area and Northern area of Ghana. The Ghana Mini Grid and Solar Photovoltaic Net Metering mission is predicted to have an annual electrical energy output of renewable power estimated at 111,361MWh, corresponding to an put in capability of 67.5MW. The mission will mitigate greenhouse emissions of 0.7795 million tons of CO2 equal per 12 months and create up to 2,865 jobs throughout development, of which 30% will goal ladies and youth

The general mission price is estimated at $85.88 million comprising the mini grid part – $40.29million, and a $44.89 million web metering part. It might be financed via $27.39 million from the African Development Fund; Ghana government counterpart funding of $16million; and $14 million from the Swiss government. In addition, the African Development Bank Group as an implementing entity of the Climate Investment Funds, leveraged concessional financing of $28.49 million.

The African Development Bank Group’s annual conferences are happening in Accra, Ghana, underneath the theme: Achieving Climate Resilience and a Just Energy Transition for Africa.

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