President John Dramani Mahama
President John Dramani Mahama has announced the operationalisation of a Renewable Energy and Green Transition Fund to facilitate Ghana’s shift to sustainable energy.
He highlighted the challenges facing the energy sector and emphasised the government’s commitment to long-term solutions, particularly in renewable energy.
The President said this in Parliament on Thursday when he presented his first State of the Nation Address, in accordance with Article 67 of the 1992 Constitution.
“This administration will soon operationalise a Renewable Energy and Green Transition Fund to enhance efficiency and accelerate Ghana’s transition to renewable energy,” the President said.
The fund is envisioned as a catalyst for driving investment in a range of sustainable energy solutions, including solar street lighting, rooftop solar installations, off-grid solar systems, electric vehicle charging stations, and chargeable outboard motors.
These measures would significantly reduce Ghana’s dependence on the national grid, thereby enhancing energy security and resilience.
The move comes at a time when Ghana is grappling with financial distress in the energy sector, compounded by challenges in fuel supply.
The transition to renewable energy was not only environmentally sound but also economically prudent, as it would reduce the country’s reliance on costly imported fuel oils, President Mahama said.
“We also aim in the medium term to achieve 100% gas utilisation for power production and eliminate the use of crude oil. This will save Ghana hundreds
of millions of dollars spent on the importation of fuel oils for power production,” he said.
The President disclosed that the Minister of Energy and Green Transitions had been directed to implement far-reaching reforms, including enforcing a single revenue collection account, strictly adhering to the Cash Waterfall Mechanism (CWM), and eliminating wasteful expenditures.
“An advisory committee has been established to guide private sector participation in metering and billing to improve revenue collection efficiency and reduce commercial and technical losses.”
President Mahama assured the nation of the government’s resoluteness in its commitment to restoring stability to the energy sector, despite the challenges, and driving Ghana towards a sustainable and prosperous future.
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