AFD, GCB sign agreements to support cleaner energy projects in Ghana

AFD, GCB sign agreements to support cleaner energy projects in Ghana

By Charles Sarpong Amponsah

The Agence française de développement (AFD), and Ghana Commercial Bank (GCB), have signed agreements to provide cheap loans and grants to cleaner energy projects.

The $13.7 million Credit Facility and €1 million Grant Financing Agreements to support local businesses towards the development of Energy Efficiency and Renewable Energy projects fall under the Sustainable Use of Natural Resources and Energy Finance programme (SUNREF) in Ghana.

The Technical Assistance Facility of the SUNREF programme is a 3-year programme jointly developed by AFD and the Energy Commission and financed by the European Union.

Speaking at the signing ceremony in Accra, Director of AFD’s Africa Department, Christian Yoka, said the partnership between AFD and GCB will promote Ghana’s efforts closer to the achievement of their contribution to the Paris Agreement Nationally Determined Contributions.

John Kofi Adomakoh and Christian Yoka.

“Through this partnership, GCB will be able to reach local businesses and households with an attractive financial offer for green projects and guide clients towards more climate-smart technologies,” Mr. Yoka said on Wednesday, May 25, 2022.

Managing Director of GCB, John Kofi Adomakoh, expressed appreciation and assured of the judicious use of the funds.

John Kofi Adomakoh and H.E Anne Sophie Avé.

“I want to make a commitment to you that we will deploy these funds for the right purpose. We will collaborate with other banks who have also signed on to your partnership because this is not a competitive agenda. This is a collaborative agenda to fighting the challenges of climate change in our world.”

For her part, Ambassador of France to Ghana, H.E Anne Sophie Avé, underscored the benefit of the partnership.

“It will give access to Ghanaians whether individuals or companies to cheaper loans and grants to run some projects that are related to sustainable energy and renewable energy and able to reduce the consumption of fossil energy.”

The Head of Cooperation, EU Delegation to Ghana, Massimo Mina, stressed, “the AFD and the EU are facilitating access to capital for Ghanaian companies and households for renewable energy and energy efficiency projects.

“The EU is committed to accompanying the green and sustainable energy transition of Ghana with initiatives on energy efficiency and renewable energy—in line with the EU Green Deal and Ghana Nationally Determined Contributions (NDC) targets for the Energy sector (10% renewable energy mix).”

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