A Cognisance of Green Bond Features Preferential to Renewable Energy Project Financing in Ghana

De-Graft Owusu-Manu, Lawrence Mankata, D.J. Edwards, Hatem El-Gohary, Javed G. Hussain

    Research output: Contribution to journalArticlepeer-review


    Issuance of green bonds (GBs) is valuable for developing countries because it provides a market deepening mechanism, which enables greater liquidity for investments in Renewable Energy (RE) sector. This paper is premised on the outlook for the first GB in Ghana. The study investigates the features of GBs, which investors prioritise as preferential for RE financing (REF). Employing the literature, twelve beneficial features of GBs were identified and formed the based for a questionnaire, which was handed to experts in financial institutions to complete. Data were analysed and ranked with the relative importance index and other statistical tests. The findings illustrated that low-interest rates, similar payback period, economic convenience and transparency issuance are among the top preferential features for feasible green bond rollouts in Ghana. Findings implied that akin to other worldwide cases for renewable energy financing, GBs represent a degree of flexibility, which stems from the homogeneity in their respective features. The study illustrates the specific priorities, which must be considered by potential investors. Resultantly, enabling GBs issuers to develop GB packages that suit the needs of the investment community and ultimately contribute to RE targets' achievement.
    Original languageEnglish
    Pages (from-to)1-12
    Number of pages12
    JournalIEEE Transactions on Engineering Management
    Publication statusPublished (VoR) - 24 Jun 2021


    • Financing
    • Ghana
    • green bonds (GBs)
    • green bonds (GBs) features
    • renewable energy (RE)


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