Mechanisms and challenges in financing renewable energy projects in sub-Saharan Africa: a Ghanaian perspective

De Graft Owusu-Manu; Lawrence Martin Mankata; Caleb Debrah; David John Edwards; Igor Martek

doi:10.1108/JFMPC-03-2020-0014

Mechanisms and challenges in financing renewable energy projects in sub-Saharan Africa: a Ghanaian perspective

De Graft Owusu-Manu, Lawrence Martin Mankata, Caleb Debrah^*, David John Edwards, Igor Martek

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

22 Citations (SciVal)

Original language	English
Pages (from-to)	319-336
Number of pages	18
Journal	Journal of Financial Management of Property and Construction
Volume	26
Issue number	3
DOIs	https://doi.org/10.1108/JFMPC-03-2020-0014
Publication status	Published (VoR) - 10 Nov 2021

Funding

The 400 MW Bui Hydroelectric Power Station was commissioned in December 2013 ). This project was supported and financed by the Chinese Government through a bilateral partnership between Sinohydro Corporation Limited (the contractor), Exim Bank of China (the financier) and the Government of Ghana ). The Kponge Dam saw the government of Ghana source finance from eight multilateral and bilateral agencies. This comprised World Bank, Organization of the Petroleum Exporting Countries, and the Kuwait Fund, Saudi, Arab Bank for Economic Development in Africa, CIDA and the European Development Bank. The inter-connection between Ghana and Cote d’Ivoire was financed by the African Development Bank and the European Investment Bank ; ). Most initiatives at financing RE are government led, and consequently procured through grants and concessional loans. This can be seen in the financing of the hydro-electric dams across Ghana. The Akosombo Dam was 50% financed by the government of Ghana, with the balance supported by governments of the UK and US and the World Bank. Following this, the Canadian International Development Agency (CIDA) and the World Bank, financed an amount of US$13.6m to expand the capacity of the Akosombo dam and to construct the inter-power transmission line between Ghana, Togo and Benin ). The authors thanks Mr Prince Antwi-Afari (PhD Student) of the University of Hong Kong for his insightful comments on earlier drafts of this paper. The authors also thank the anonymous reviewers for their constructive comments. Funding: This research did not receive any specific grant from funding agencies in the public, commercial or not-for-profit sectors.

Keywords

Economic development
Ghana
Project finance
Renewable energy
Sustainability
sub-Saharan Africa

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10.1108/JFMPC-03-2020-0014

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title = "Mechanisms and challenges in financing renewable energy projects in sub-Saharan Africa: a Ghanaian perspective",

keywords = "Economic development, Ghana, Project finance, Renewable energy, Sustainability, sub-Saharan Africa",

author = "Owusu-Manu, \{De Graft\} and Mankata, \{Lawrence Martin\} and Caleb Debrah and Edwards, \{David John\} and Igor Martek",

note = "Funding Information: The 400 MW Bui Hydroelectric Power Station was commissioned in December 2013 ). This project was supported and financed by the Chinese Government through a bilateral partnership between Sinohydro Corporation Limited (the contractor), Exim Bank of China (the financier) and the Government of Ghana ). The Kponge Dam saw the government of Ghana source finance from eight multilateral and bilateral agencies. This comprised World Bank, Organization of the Petroleum Exporting Countries, and the Kuwait Fund, Saudi, Arab Bank for Economic Development in Africa, CIDA and the European Development Bank. The inter-connection between Ghana and Cote d{\textquoteright}Ivoire was financed by the African Development Bank and the European Investment Bank ; ). Funding Information: Most initiatives at financing RE are government led, and consequently procured through grants and concessional loans. This can be seen in the financing of the hydro-electric dams across Ghana. The Akosombo Dam was 50\% financed by the government of Ghana, with the balance supported by governments of the UK and US and the World Bank. Following this, the Canadian International Development Agency (CIDA) and the World Bank, financed an amount of US\$13.6m to expand the capacity of the Akosombo dam and to construct the inter-power transmission line between Ghana, Togo and Benin ). Funding Information: The authors thanks Mr Prince Antwi-Afari (PhD Student) of the University of Hong Kong for his insightful comments on earlier drafts of this paper. The authors also thank the anonymous reviewers for their constructive comments. Funding: This research did not receive any specific grant from funding agencies in the public, commercial or not-for-profit sectors. Publisher Copyright: {\textcopyright} 2021, Emerald Publishing Limited.",

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AU - Owusu-Manu, De Graft

AU - Mankata, Lawrence Martin

AU - Debrah, Caleb

AU - Edwards, David John

AU - Martek, Igor

N1 - Funding Information: The 400 MW Bui Hydroelectric Power Station was commissioned in December 2013 ). This project was supported and financed by the Chinese Government through a bilateral partnership between Sinohydro Corporation Limited (the contractor), Exim Bank of China (the financier) and the Government of Ghana ). The Kponge Dam saw the government of Ghana source finance from eight multilateral and bilateral agencies. This comprised World Bank, Organization of the Petroleum Exporting Countries, and the Kuwait Fund, Saudi, Arab Bank for Economic Development in Africa, CIDA and the European Development Bank. The inter-connection between Ghana and Cote d’Ivoire was financed by the African Development Bank and the European Investment Bank ; ). Funding Information: Most initiatives at financing RE are government led, and consequently procured through grants and concessional loans. This can be seen in the financing of the hydro-electric dams across Ghana. The Akosombo Dam was 50% financed by the government of Ghana, with the balance supported by governments of the UK and US and the World Bank. Following this, the Canadian International Development Agency (CIDA) and the World Bank, financed an amount of US$13.6m to expand the capacity of the Akosombo dam and to construct the inter-power transmission line between Ghana, Togo and Benin ). Funding Information: The authors thanks Mr Prince Antwi-Afari (PhD Student) of the University of Hong Kong for his insightful comments on earlier drafts of this paper. The authors also thank the anonymous reviewers for their constructive comments. Funding: This research did not receive any specific grant from funding agencies in the public, commercial or not-for-profit sectors. Publisher Copyright: © 2021, Emerald Publishing Limited.

PY - 2021/11/10

Y1 - 2021/11/10

KW - Economic development

KW - Ghana

KW - Project finance

KW - Renewable energy

KW - Sustainability

KW - sub-Saharan Africa

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ER -

Mechanisms and challenges in financing renewable energy projects in sub-Saharan Africa: a Ghanaian perspective

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