Bilateral Investment and Reform Partnership signed to attract private investment in renewable energies and energy efficiency

13.12.17

Germany and Ghana will collaborate closely in the development of renewable energies and energy efficiency as well as in technical and vocational education and training in order to spark private investments in the sector.

The German Federal President, H.E. Frank-Walter Steinmeier, received a warm welcome by the President of the Republic of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, in Flagstaff House today. After the bilateral exchange between the two presidents, the Minister of Finance, Hon. Ken Ofori-Atta, and the German Deputy Minister for Economic Cooperation and Development, Friedrich Kitschelt, signed the bilateral “Investment and Reform Partnership”, bringing 100 mio. Euros of German government support to promote private investment into renewable energies in Ghana.

The investment partnership puts Germany’s commitments under the G20 Compact with Africa Initiative in concrete terms. Ambitious reforms in Ghana’s energy sector and financial incentives for private investments into the sector are in the joint interest of Ghana and Germany. In its international commitments to mitigate climate change, Ghana pledged to step up its share of renewables in the energy mix to 10 % by 2030. Germany is interested to support this ambitious goal by sharing its experiences in implementing the turnaround in energy policy (German “Energiewende”). At the same time, Germany and Ghana are aware that energy supply security and competitive energy prices are the cornerstones of economic development. The success of Ghana’s industrialization policy depends on reliable and affordable energy sources.

Source:http://www.ghana.diplo.de