Renewable power market in Ghana

Thursday, Feb 21, 2013

Research and Markets (http://www.researchandmarkets.com/research/glkbr8/renewable_power) has announced the addition of GlobalData's new report "Renewable Power Market in Ghana - Government Plans to Increase Share of Renewable Installed Capacity from 0.01% to 10% by 2020" to their offering.

“Renewable Power Market in Ghana - Government Plans to Increase Share of Renewable Installed Capacity from 0.01% to 10% by 2020”

The Ghanaian economy has witnessed an impressive growth rate over the last decade. The GDP of the country has almost doubled in the last 8-10 years, and this high growth trend is likely to continue in the coming years. An economic growth of 14.4% is estimated for 2012 (Ministry of Finance and Economic Planning, press release, November 6, 2012).

The Ghanaian government has expansion plans to increase electricity generation assets to cater growing energy placed by increasing the Ghanaian economy. Ghana also wants to be a net exporter of electricity in the near future. According to the policy document National Energy Policy of Ghana, the country aims to be a major exporter of power in the West African region by 2015. According to a national source, Ghana will add an installed capacity from 2,000-5,000 MW (Megawatts) by 2020.

Ghana plans to expand its electricity generation assets to cater to the region's growing electricity demand, as well as its own.

Ghana is also exploring renewable energy sources to meet its growing capacity demand, and to diversify its electricity generation mix. The country is endowed with abundant renewable energy sources, and solar, wind, mini hydro and waste-to-energy power could all play important roles in its power mix in the future. According to National Energy Policy, Ghana has a target of increasing the share of renewable electricity in its grid from 0.01% in 2011 to 10% by 2020. The country passed the Renewable Energy Act in 2011 to achieve this. Another bill, the Bioenergy Policy Strategy, has been drafted and is awaiting final approval. It aims to promote the growth of the country's bio-energy sector.

Source: Business Wire