- Some economies in Africa are turning towards clean energy as part of a strategy to provide power to homes
- By 2024, South Africa is determined to take advantage of an additional 3.3 gigawatts added to its energy capacity
- Investment in clean energy in sub-Saharan Africa increased to $7.4 billion in 2018 up from $2.3 billion in 2017
Leading economies in Africa are turning towards wind energy in a bid to provide power to homes and boost the total capacity of their national power grids.
This forms part of a trend to take advantage of clean energy all over the continent.
The continent’s most advanced economy, South Africa, had paved the way in a bid to take advantage of policies and projects geared towards renewable energy.
It is therefore poised to lead the drive for wind power installations as it takes advantage of an additional 3.3 gigawatts added to its energy capacity by 2024.
Per a report by qz.com, this is an attempt to achieve two objectives; coping with the problems at national power company, Eskom, and trying to slowly reduce its addiction to coal.
Another major leader in the energy industry, Kenya, opened the continent’s largest wind farm in 2019 and will soon be in the position to claim total renewable energy from various sources including geothermal and solar.
Investment in clean energy in sub-Saharan Africa increased to $7.4 billion in 2018 up from $2.3 billion in 2017.
In 2018 South Africa accounted for $4 billion of investment driven by a major onshore wind project.
In other news, the Bank of Ghana has announced the creation of an Enterprise Credit Scheme to provide support to Small and Medium Enterprises (SMEs).
The package is particularly for SMEs in the agricultural value chain, the Second Deputy Governor of the central bank, Elsie Addo Awadzi, said. This comes in the wake of challenges related to accessing credit by small businesses.
Awadzi noted that the plan is spearheaded by the Ghana Incentive-based Risk System for Agricultural Lending (GIRSAL) and assistance by the National Banking College (NBC).
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