Gifty Tettey, speaking at the energy forum
Ghana’s renewable energy sector is expected to attract over $1billion USD in investment in the next 8 years.
Gifty Tettey, Manager of the Bioenergy unit of the Ministry of Energy, said private sector participation was projected to be pivotal in the sub-sector.
She was speaking at the sixth energy forum organised by the Ghanaian-German Economic Association (GGEA) which brought producers and approving authorities together to dialogue to find opportunities which existed in all the energy sectors.
She stated that government was committed to the renewable energy action plan to attract international support and investments from the private sector.
Government, she mentioned, aimed at promoting all forms of renewable energy resources in the country as part of its vision to achieve at least 10 per cent contribution of modern renewable energy services in the electricity generation mix by 2020.
“This will help to reduce the demand on wood fuels from 72 percent to 50 percent by 2020 through the use of efficient technologies and alternative options such as LPG, biogas and many others.”
Currently there are enormous investment opportunities in the nation’s renewable energy sub-sector which include solar, biomass, mini-hydro and wind.
Mrs Tettey told the gathering at the forum that investors could consider investing in areas such as production, transportation, storage, distribution, sale and marketing.
Business opportunities, she noted, also existed for investors who would want to go into importation, exportation and re-exportation as well as installation and maintenance.
She also took them through the eligibility criteria for engaging in any commercial activity under Ghana’s Renewable Energy Act, 2011 (Act 832) and said potential investors would be required to pay a prescribed Energy Commission fee.
However, qualification for licences is for citizens or corporate bodies registered under the Companies Act, Act 179 or partnerships registered under Act 152 while applications could be rejected based on technical reasons, national security, public safety, food security, health & environmental safety.
Renewable Energy, mainly biomass and hydro, accounts for 78 percent of the total energy consumption in Ghana.
Currently, more than 60 percent of electricity generated is from hydro power sourced from the Akosombo and Kpong hydro power plants
Biomass, Mrs Tettey noted, was Ghana’s dominant energy resource in terms of endowment and consumption.
“The resources cover about 20.8 million hectares of the land mass ofGhana.”
Biomass is mainly used for cooking and heating in the country.
By Emelia Ennin Abbey