Germany has signed with Ghana a memorandum of understanding providing the West African nation €100 million to develop its renewable energy sector. The provision of these funds fall under the G-20 Compact programme which aims to ensure Africa’s sustainable development.
The convention which looks at developing renewables and promoting energy efficiency also involves technical training.
“Germany and Ghana are focused on strengthening competition on power generation and make the renewable energy sector a shining example, to reduce the cost of power generation, introduce open and competitive bidding and get best value for money from investors,” said Germany’s ambassador to Ghana, Christoph Retzlaff . The diplomat has added that his country was gradually moving from fossil to renewable energy, in regards to its environmental and economic advantages.
For its part, Ghana recently announced that it wishes to produce 850MW of additional energy, leveraging on hybrid power stations, knowingly by integrating solar to its hydropower plants.