The government wants to increase energy produced from renewable sources from the current one per cent to 10 per cent by 2030.
In order to achieve this target, the government has developed some policy guidelines that it will use to raise power produced from solar, wind and other renewable energy sources to 10 per cent of national production.
In addition, the ministry will establish a Renewable Energy Authority to oversee, execute and manage the country’s renewable energy resources, the Minister of Energy, Mr Boakye Agyarko, said in Accra.
He was speaking at the luncheon meeting of the American Chamber of Commerce.
“The specific policy actions of the Ministry will be to periodically review the Renewable Energy Act to reflect changing trends in the industry,” he said.
He added that it will establish a center for the training of technicians in renewable energy installations, operation and maintenance.
To help raise consumption of renewable energy, the minister said his outfit will also promote distributed solar power for government and public buildings through net metering. It will also encourage power consumers to invest in renewable energy to meet a portion of their energy requirements, he explained.
Additionally, Mr Agyarko said the government would also accelerate the development of mini-grid solutions in off-grid and island communities for lighting, irrigation and other economic activities.
Compact II programme
On the Ghana Compact II, Mr Agyarko said the government was still committed to the programme, particularly with regards to the private sector participation in the Electricity Company of Ghana (ECG).
“Despite the challenges that arose as a result of differences between stakeholders, particularly between labour, ECG and the Millennium Development Authority (MiDA), I wish to note that we are making good progress as the stakeholders make efforts to address their differences,” Mr Agyarko said.
He mentioned last month’s bidders’ conference as a fine opportunity for the shortlisted companies to submit detailed proposals for the concession.
“The stakeholder deliberations will continue to ensure the smooth implementation of the Programme,” he said.
Mr Agyarko outlined several untapped investment opportunities aimed at improving the energy sector.
“There are indeed many and one is constrained only by one’s imagination. It is our responsibility to produce the needed environment for more investments to take off,” he added.
He stated that in the power sub-sector the investment opportunities exist in the transmission and distribution of infrastructure and energy sector bonds.
He included that renewable energy technologies for power generation, waste management among others could be attractive to investors.
He said, “We intend tackle renewable energy in a big way and we urge all investors to shift attention to this sector”
Also he added that the sale and supply of renewable energy to private and public buildings are all opportunities where the ministry with the help of investors would migrate all private and public companies and institutions from the National grid as far as possible to solar which produces its own power.
Finally he identified the production and assembly of renewable energy components and the solar and wind irrigation deployment as opportunities that investors could take advantage of.