Ecobank Ghana has taken a significant stride towards supporting Ghana’s clean energy transition by committing over $31 million through its Accelerating Solar Action Programme (ASAP).
This landmark initiative aims to provide vital financial support to households, small businesses, and agricultural cooperatives, enabling them to access solar energy solutions. Launched in partnership with the Government of Ghana and the Green Climate Fund (GCF), ASAP underscores Ecobank’s dedication to sustainable finance and climate resilience as the nation pursues a lower-carbon future.
Ghana’s efforts to expand clean energy have often been constrained by challenges such as high upfront costs, limited financing avenues, and inadequate public awareness. The ASAP initiative has been carefully designed to address these barriers. By offering affordable green loans, Ecobank seeks to make solar power a viable option for Ghanaians across all income levels.
Under this programme, households can access loans of up to GH₵200,000, while businesses are eligible for funding of up to GH₵10 million at a 15% annual interest rate. The loans come with flexible repayment terms of up to seven years, giving borrowers sufficient time to realise returns on their solar investments.
Ecobank’s Vision: Economic Empowerment Through Climate Action
At the official unveiling of ASAP, Mrs. Abena Osei-Poku, Managing Director of Ecobank Ghana, reiterated the bank’s resolve to lead the way in creating a lower carbon economy. She noted:
“ASAP is a bold commitment to climate action, economic empowerment, and financial innovation. Through this initiative, we are providing not just affordable loans, but also building the capacity of solar vendors, strengthening institutional frameworks, and creating about 1,800 green jobs.”
Mrs. Abena Osei-Poku
Indeed, ASAP is not merely about financing solar installations; it is about developing a comprehensive ecosystem that supports Ghana’s renewable energy aspirations. The initiative is expected to generate over 1 million megawatt-hours (MWh) of clean energy, reduce 417,000 tonnes of carbon dioxide emissions, and boost the country’s renewable energy capacity by 30.6 megawatts—representing a 33% increase in Ghana’s current installed capacity.
In a speech delivered on behalf of the Minister of Energy, John Jinapor, the government welcomed Ecobank’s initiative, highlighting the need for innovative partnerships to meet Ghana’s clean energy goals. Mr. Jinapor stressed the importance of ensuring that the energy transition benefits women, youth, and persons with disabilities, and advocated for a regional value chain approach in building energy transition technology.
The Minister of Finance echoed these sentiments, describing ASAP as a “strong vote of confidence in Ghana’s national systems and private sector capacity to drive climate action.” He reaffirmed the government’s pledge to cut Ghana’s carbon emissions by about 54 billion tonnes by 2030, a move that could help prevent nearly 3,000 premature deaths annually.
The Role of Partnerships in Driving Climate Solutions
ASAP’s success reflects the power of public-private partnerships in tackling the climate crisis while creating inclusive economic opportunities. As both the Accredited Entity and Executing Entity, Ecobank Ghana has shown leadership by delivering scalable and impactful climate solutions. Mrs. Osei-Poku emphasized:
“This reflects our deep commitment to sustainable finance and our readiness to lead in delivering climate solutions that are scalable, inclusive, and impactful.”
Mrs. Osei-Poku
The GCF Deputy Director, Gissela Berardi, praised Ghana’s leadership in climate action and urged the government to accelerate solar energy adoption as a means of advancing both opportunity and equity.
ASAP marks a crucial moment in Ghana’s clean energy transition, combining innovative financing, capacity building, and job creation. It offers a model for how financial institutions can play a transformative role in climate action, ensuring that the shift to renewable energy benefits all segments of society.
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