Govt urged to implement financial solutions
An executive member of the Association of Ghana Industries (AGI), Mr Kobina Nyanteh, has urged the government to partner the private sector to create a renewable energy fund that will facilitate the adaption of renewable energy solutions in Ghana.
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The fund, he said, would help in creating a financial model for payment of energy from renewable sources on a monthly basis.
Speaking at an energy conference on the theme, “Providing Lasting Solutions to Ghana’s Energy Conundrum”, he said, solar for instance, was one of the best ways to resolve our energy crisis but the high cost of energy delivery from the systems was the major problem.
The forum was organised by the Institute of Green Growth Solutions (IGGS), in collaboration with Konrad Adenauer Stiftung (KAS).
“The main hindrance to the wide spread adaption of solar power in Ghana is financial solutions to make solar affordable and allow this model to take off. In other countries, there are financial solutions which allow homeowners with solar energy to pay for it on a monthly basis” he said.
He argued that there was the need for Ghana to adapt to this energy source which would be of benefit to both the homeowners and the market, but financial systems must first be put in place.
“Without financial solutions to allow for the payment of energy from renewable sources just like we currently pay for electricity from the grid, solar power will not be affordable and accessible,” he added.
Renewable energy must be affordable
He stressed that as much as the AGI welcomes renewable sources of energy which provides stable power supply, which would be eco-friendly and environmentally sustainable, it ought to be affordable.
“The Industry expects to see a reliable, sustainable and affordable power supply that can keep business running without compromising competitiveness because industries cannot operate on power tariffs that render it less competitive as we are beginning to see in Ghana. This has always been our position and we hope that our policy makers will consider some concessions for our local industries,” he added.
He said industry expected that all efforts towards developing the national share of renewable energy to 10 per cent by 2020 ought to be more policy driven.
“There must also be incentives to motivate the adaption of solar, and other sustainable sources, such as the removal of custom duties on components or possibly the application of some of the ECOWAS Common External Tariffs to safeguard measures for the solar components,” he said.
Multi partisan approach
The CEO of the IGGS, Dr Eric Twum, said the aim of the forum was to discuss ways to solve the country’s growing energy challenges.