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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Political will needed to boost investment in renewable energy – IES

byMichael Ogbodu
October 15, 2020
in Local Economy, Top Stories
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The Institute for Energy Security, IES, has stated that ample political will is required for Ghana to boost investment in renewable energy.

According to IES, Ghana would have to draw lessons from countries like Kenya that are leading in the renewable energy sources on the continent.

Speaking to Citi Business News, a fellow of the Institute, Beatrice Annagfio, said, “…we hope that even if we should achieve the target by 2030 and I say 2030 because the National Energy Policy of including 10 percent renewable energy was extended from 2020 to 2030, and so if as part of our ambition to make renewable energy part of the energy mix, we say that let’s have a 100% coverage; and we say it should be possible because if you look at Senegal, recently the President, Macky Sall, inaugurated a 158 megawatts wind plant and 2 million people are estimated to benefit from it. So, I think if Ghana takes the deliberate steps and government begins to have conversation around renewable energy, we should be able to achieve that target”

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Ghana’s National Energy Policy (NEP) objective of using renewable energy for 10 percent of total energy production by 2020 was extended to 2030 due to the failure to implement the right policies towards achieving of the goal.

The Energy Commission’s data shows that as of the end of 2019, Ghana had only 1 percent penetration rate of electricity from renewable energy sources in its total generation mix.

Yet, in the midst of this, the country’s current electrification rate is about 85 percent, which is slightly a bit far off target.

To be able to achieve a universal electricity access by the new set year of 2025, Ghana may be required to work hard to grow the annual access rate by at least 3 percent.

This growth, the institute of Energy Security, believes is largely feasible with the support of renewable energy sources because a considerable proportion of the communities awaiting connection to the national electricity grid are currently difficult to access because they are lakeside communities, others are planted on islands that require connection by sub-marine cables.

The IES believes, the issues prevailing with electrification and renewable energy in Ghana is due to a lack of commitment by government towards advancing the country’s energy mix.

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