Africa’s leading economies turn to wind energy to power homes

Africa’s leading economies turn to wind energy to power homes

- 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

- Records show that investment in clean energy in sub-Saharan Africa increased to $7.4 billion in 2018 up from $2.3 billion in 2017

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Leading economies in Africa are turning towards wind energy in a bid to provide power to homes, YEN.com.gh has learned.

Information available shows that 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 energy.

Africa’s leading economies turn to wind energy to power homes

qz.com
Source: UGC

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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 its 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.

YEN.com.gh understands that investment in clean energy in sub-Saharan Africa increased to $7.4 billion in 2018 up from $2.3 billion in 2017.

In the year 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).

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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).

An amount of GHC 2 billion has been projected to implement the initiative, which will be accumulated from 2.0% of the primary reserve kept by the banks.

Per a report by citibusinessnews.com, the plan is to give training to banks and related financial institutions with the requisite practical knowledge and skills.

This is intended to enable them increase access to finances to agriculture and agribusiness organizations.

The training programme is also intended to help the capacities of staff of the beneficiary institutions. This would help them appraise in an appropriate way the agricultural projects that need funding to reduce the issue of loans that don’t perform.

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Source: Yen

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