Ghana’s Ministry of Energy and Green Transition is establishing a renewable energy investment and green transition fund.

According to reports from the government’s news agency, the fund will aim to encourage investments in renewable energy, support local deployment of green technologies and reduce the burden of electricity tariffs on state-owned institutions.

Speaking at the Sustainable Energy Policy Dialogue in Accra, Ghana’s Minister of Energy and Green Transition, John Abdulai Jinapor, said a bill for establishing a Renewable Energy Agency, which would manage the fund, was undergoing technical review and would be submitted to cabinet “very soon”.

Jinapor added that the government is intending to use money from fossil fuels for investment into renewable energy sources, including residential solar installations and the deployment of solar panels to power streetlights.

“We will aggressively promote the use of electric charging vehicles, solar for irrigation facilities, providing solar systems for hospitals, public schools, including universities, and small and medium-scale enterprises, and support energy efficiency education,” he added.

Jinapor also said that Ghana wants to implement competitive procurement exercises for renewable energy projects to help reduce the cost of power.

“We are already working with the World Bank, and we are confident that through competitive procurement of renewable energy and other energy sources, we can attain a much more reduced cost of power generation,” the minister said.

Figures from the International Renewable Energy Agency (IRENA) state Ghana deployed 169 MW of solar by the end of 2023.

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