Ecobank Ghana, in partnership with the Government of Ghana and the Green Climate Fund (GCF), has unveiled a new product to boost the country’s march towards increasing the renewable energy quota in its clean energy mix.
To achieve this, the bank has launched the Accelerating Solar Action Programme (ASAP) to assist individuals and businesses to acquire solar PV systems for their homes and offices.
You might also like
In her welcome address, Managing Director of Ecobank Ghana, Mrs Abena Osei-Poku, said Ecobank, guided by a robust sustainability framework, is committed to supporting Ghana to transition towards a lower carbon economy.
The launch of ASAP is therefore a bold commitment to climate action, economic empowerment, and financial innovation. Through this initiative, Ecobank Ghana, in partnership with the Green Climate Fund, the Government of Ghana, and key stakeholders, is deploying over $31 million in concessional financing to support Households, SMEs, and Agricultural Cooperatives to adopt solar PV systems.
She stressed that ASAP is designed to address the real barriers that have long hindered access to clean energy, such as high upfront costs, limited financing options, and lack of awareness. With ASAP, the bank is not only providing affordable loans but also building the capacity of solar vendors, strengthening institutional frameworks, and creating about 1,800 green jobs.
The ASAP initiative makes it possible for households to access green loans of up to GH₵200,000, while businesses are guaranteed up to GH₵10 million.
All loans come at a concessionary rate of 15% per annum and up to seven years repayment period, making the loans flexible and affordable enough for broad participation.
Mrs Osei-Poku concluded that: “I say with much pride that Ecobank Ghana is serving as both the Accredited and Executing Entity for ASAP. This reflects our deep commitment to sustainable finance and our readiness to lead in delivering climate solutions that are scalable, inclusive, and impactful. ASAP is expected to reduce over 417,000 tonnes of carbon dioxide emissions, generate more than 1million MWh of clean energy, and increase Ghana’s renewable energy capacity by 30.6 MW, a 33% boost to the current installed base. These are not just numbers; they represent lives improved, businesses empowered, and a planet protected.”
Minister of Energy, John Jinapor, in a statement read on his behalf said, the launch offers the platform to examine Ghana’s energy needs, but also explore the range of resources and technology that can sustainably reduce energy poverty and drive economic development.
He noted that the transition to a low carbon economy will require significant investments.
To achieve this, he stressed the need to attract both public and private sector investment to build the necessary infrastructure to generate, distribute and store the energy around the country.
Jinapor said, “the benefits of our energy resources must be shared equitably and justly.”
The benefits of our resource wealth must be shared broadly, ensuring that no one is left behind. This means the youth, women and persons with disability.’
He called for more innovative thinking to find solutions to the nation’s energy needs and more investment into research and the development of home-grown solutions that are tailored to our peculiar challenges.
The Energy Minister said it is critical to empower the youth with the necessary skills and opportunities to lead the new energy economy.
He also called for a more regional approach to building the value chain for energy transition technology.
“By collaborating across borders, we can create the value chain that supports the creation and development of these technologies.”
“The energy decisions we make today, will shape the future of our continent.”
On his part, the Minister of Finance, said in a statement read on his behalf, that government is committed to reducing Ghana’s carbon dioxide emissions by about 54 billion tonnes by 2030, and in so doing prevent some 2,900 premature deaths annually.
He described ASAP as a strong vote of confidence in Ghana’s national system and private sector capacity to drive climate action.
ASAP, he said, aligns closely with government’s goals which emphasise renewable energy access, green job creation, and inclusive economic growth.
He said, “ASAP represents a strategic blend of public and private capital leveraging concessions GCF resources, alongside domestic co-financing, to expand access to affordable solar energy for underserved communities and SMEs.”
Deputy Director at the Green Climate Fund, Gissela Berardi, lauded Ghana for her commitment to climate action.
She urged government to seize the moment to accelerate the adoption of solar as a way of creating opportunities for all.
