African Development Bank Approves $28.49 Million Grant to Bolster Ghana’s Universal Electrification Goal | African Development Bank

The African Development Bank Board of Directors has approved a $28.49 million grant for Ghana to build renewable energy infrastructure that will increase renewable energy use by 10% by 2030.

The funding, which will come from the Climate Investment Funds (CIF) – Scaling Up Renewable Energy Program in Low Income Countries (SREP), will support the construction of mini-grids, stand-alone photovoltaic solar systems and solar-based battery facilities for storage excess power, a practice known as net metering.

With the final board approval of $28.49 million, the total cost of the project of $85.18 million is in the Treasury. The African Development Fund, the Bank’s concession window, has provided $27.39 million, while the Swiss Secretariat of State for Economic Affairs and the Government of Ghana have contributed $13.30 and $16 million, respectively.

The project consists of the design, engineering, supply, construction, installation, testing and commissioning of renewable energy systems in the island communities in the Volta Lake area.

It is expected to contribute to closing the gender gap at earnings level by creating 2,865 equitable jobs and livelihood opportunities, 30% of which will be for women and youth.

Under its New Deal on Energy for Africa, the African Development Bank is seeking to promote the reduction of greenhouse gas emissions on the continent and to illuminate and power Africa as part of its High 5 priority goals for improving socio-economic development of the continent.