Why Ghana needs to invest more into renewable energy

Energy remains a crucial element in economic development. Over the world, great nations such as the US, UK, Spain and China are making huge investments into energy to boost productivity as well as meet the daily needs of citizens. These investments are as a result of the many opportunities being discovered.

In more recent times, renewable energy has become very topical and relevant in discussing economic growth and development of which globally, nations are investing. Fatih Birol, the executive director of the International Energy Agency (IEA) made it understandable that “renewable energy is no longer a niche fuel”. This is to mean that its opportunities have expanded to an extent that can revive and boost economies for better development. There are many renewable energy sources being tapped into today including solar.

Fatih Birol in a statement pointed out that “in many emerging and developing economies, emissions are heading upwards whiles clean energy investments are faltering, creating a dangerous fault in global efforts to reach climate and sustainable energy goals”. It is for this reason that the IEA said that “investment in clean energy in emerging and developing economies needs to rise by more than seven times, topping $1 trillion per year by 2030, to put the world on track for net-zero emissions by 2050” (Reuters, 2021)

The question is, What Does This Mean for Ghana?

The nation has the chance to turn to renewable energy investment and stand to solve her economic problems as well as issues of climate change. With the unstable power supply, investment into this opportunity will to some extent reduce the burden on the national power supply. This can be done by setting up renewable energy infrastructures such as the mass installation of solar panels to power communities. By this, some economic problems such as unemployment can be tackled and productivity can be improved.

Government needs to form long-term partnerships with local firms who are into building these renewable energy infrastructures. This will go a long way to boosting strengthening the energy sector. This will ultimately provide jobs and cause the industry to be able to export these renewable energy infrastructures.

Renewable energy investment currently may be said to be at its early stage(s). It is never late for government to invest or continue any investment it has started in renewable energy.