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€32.5m SUNREF green energy project to significantly support Ghanaian economy



The country’s economy is expected to be heavily impacted under the €32.5 million Sustainable Use of Natural Resources and Energy Financing (SUNREF) programme.  

SUNREF is part of a global initiative by French Development Agency to get public and private banks to finance private sector investments in green technologies and sustainable energy. SUNREF encourages industries and individuals to switch to more sustainable and efficient energy sources.  

Speaking to Joy Business after engaging members of the Association of Ghana Industries in Tema, Team Leader for SUNREF, Normand Michaud said Cal Bank and GCB Bank are partners in pushing the green economy agenda.    

“If you have industries that are willing to invest to be more efficient and generate their own electricity through renewable energy, then the whole country can switch or remove the power [thermal] generation that is polluting the environment. So it is going to help the country a lot.”

€32.5m SUNREF green energy project to significantly support Ghanaian economy

“Even financially speaking, if the country can free up some of its electricity consumption they can start selling it more to other countries and so it will have a huge impact on the economy”, he added.

Mr. Michaud further said “the SUNREF programme right now is going to run for two years or maybe three years in terms of providing loans by the two banks – GCB and CalBank. After that, if things go on well, there is also a possibility of doing phase II in which AfB will invest the same amount, that will run for another three or four years.”

The Project coordinator for the SUNREF Ghana programme, who is also a representative from the Energy Commission, Ebenezer Ashie said the SUNREF Ghana programme which aims to facilitate access to affordable sustainable energy and facilitate cost savings will resonate more with the Renewable Energy Master Plan (Vision 2030) of the Energy Commission of Ghana.

€32.5m SUNREF green energy project to significantly support Ghanaian economy

He urged admonished small and medium enterprises (SMEs) and other retail consumers to take advantage of the SUNREF project.

The SUNREF project is a financing programme that promotes green growth aimed at helping Ghana  achieves its Vision 2030 Renewable Energy Master Plan.

SUNREF Ghana launches €32.5m Green Finance Programme to boost renewable energy

SUNREF, a green finance label developed by l’Agence Francaise de Developpement (AFD) and supported by the European Union (EU), launched its energy financing programme for Ghana , in Accra in 2021.

The Programme was a unique and innovative financial offer, with a credit line of €30 million from the AFD and €2.5 million as grant and technical assistance from the EU, provided to local partner banks.

CalBank was the first bank to partner with the programme.

Through this partnership with local partnering banks, SUNREF Ghana will offer competitive loans and technical assistance for structuring green investments, to help companies, organisations, individuals and households seize the opportunities of green finance and the ecological transition.

The programme aims to develop and consolidate a financing market for green investments in the area of energy efficiency, renewable energies and environmental services. SUNREF Ghana will support eligible and viable green projects, help to increase the competitiveness of businesses – particularly SMEs, improve energy security, and strengthen the capacity of local stakeholders.

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GRA and Finance Ministry engage Information Services Department on E-Levy implementation



More than 200 staff of the Information Services Department across the country are undergoing a special training in Kumasi to help intensify public education on the implementation of the Electronic Transfer Levy (E-Levy).

This is part of measures by the Ghana Revenue Authority and the Ministry of Finance to address misconceptions about the E-levy and its implementation.

Deputy Information Minister, Fatimatu Abubakar, is positive the ISD will use the various local languages to properly disseminate the right information and clear the misconception about the e-levy.

The passage and implementation of the electronic transfer levy have come with diverse concerns and misinformation.

This has compelled authorities to engage officers of the Information Services Department across the country to help with the education.

Deputy Finance Minister, Abena Osei Asare, says it is crucial for the ISD to employ the various local languages to better address the misinformation on E-levy.

There have been concerns about logistical constraints often associated with the work of the Information Services Department.

Fatimatu Abubakar insists the Department is well equipped enough to carry out the education.

The initiative is expected to empower the Information Service Department on the e-levy mechanics.

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Government must complement monetary policy with sound fiscal measures – Economist



Finance Minister, Ken Ofori-Atta, has been urged to embark on comprehensive fiscal measures to complement monetary measures by the Bank of Ghana to restore economic stability and confidence.

Some financial observers have cautioned that investors will continue to shun government Treasury bills until the Finance Minister embarks on tight fiscal policy to bring down inflation, which hit 23.6 percent in April.

Speaking to Joy Business, Economist, Professor Lord Mensah, warned that investor confidence will continue to decline until inflation is stabilized.

“Government has been struggling to meet its target because the investor community has started shying away from short term investments, “Professor Mensah said adding that the uncertainties in the money market has made investors skeptical.

He stated for example that, investors are rationale business owners who always respond to activities in the market.

According to him, uncertainties create unpredictable future – a situation investors watch out for before committing their funds.

“Usually when uncertainties are so high in the system, most of the investors move their funds from the long term to the medium term. If the uncertainties continue to get deeper, they move their funds to the short term. If the investor is not comfortable at the short term then it means the economy is not doing well,” he explained.

He maintained that one of the major ways for judging confidence in an economy is to examine where and how investors are willing to invest their funds.

“With high inflation investors know that the value of their investment will be eroded. For me, the most important thing to do now is to work and bring inflation down”.

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Economy growing strongly, data suggests robust pick-up – Governor



The Ghanaian economy is growing strongly despite the threat of rising inflation and the recent sharp volatility of the cedi, Governor of the Bank of Ghana, Dr. Ernest Addison has pointed out.

According to him, data secured by his outfit so far indicates that the economy continues to rebound, irrespective of the challenges.

Speaking to Bloomberg ahead of the Monetary Policy Committee (MPC) meeting, which began yesterday, 18th May, 2022, Dr. Addison said he real sector of the economy has been resilient despite the impact of COVID-19 pandemic.

“The Ghanaian situation in a sense also reflects what happened in 2020 where the government took a very expansionary stance on policy. Therefore there were many interventions that was put into place in order to protect lives and livelihoods.”

“The impact of that was real sector being more resilient than we see in other places. As I said, we are beginning to see a pick-up in growth in 2021”, Dr. Addison emphasised.”

Indeed, sectors such as Information, Communications and Technology; Tourism and Hospitality; Manufacturing have bounced back, registering strong growth rates.

“Some of the data that has come in 2022 does not suggest that we are slowing down”, the Governor noted.

“I believe, if we were to choose between growth and inflation, the policy priority should be managing the pace at which prices are increasing”, he added.

Economy expanded by 5.4% in 2021 – GSS

Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.  

Without oil, the economy recorded a Gross Domestic Product (GDP) growth rate of 6.9%

According to provisional estimate by the Ghana Statistical Service, only 10 countries in Africa recorded growth rates higher than that of Ghana. They included Cote d’ lvoire and Uganda.

The strong growth rate was driven by the Services sector, particularly the Information, Communication and Technology (33.1%) and the Agriculture sector, such as Fishing (13.4%).

The Services sector recorded the highest GDP growth rate of 9.4% in 2021.

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