Ghana Parliament Ratifies Solar Agreement to Tap into $10bn facility

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The Parliament of Ghana has ratified a renewable energy framework agreement to become a member of the International Solar Alliance (ISA), spearheaded by India.

The agreement, which was ratified by Parliament on Wednesday, 4 October will see the country benefit from a $10 billion renewable energy loan facility from India.

The ISA, meant for countries located in the tropics, comes at no financial burden to Ghana.

Energy Minister, Boakye Agyarko, speaking after lawmakers had approved the agreement in Accra, said the country’s seat of government, as well as the Parliament, would be first to benefit from the deal.

“The Parliament of Ghana and the Jubilee House (Presidential Palace) must all go solar to send the right signals to the rest of the nation that the government is behind it and that is the proper thing to do,” he said. “It will reduce the crunch on the national budget so that government doesn’t have to spend all that money.”

The minister added that it will also reduce the load on the national grid so that instead of continually adding generation capacity as demand increases along with population growth, solar power will be used to augment that, especially in the residential space.

“The best combination we know is hydro and solar and all research points to this. You run solar during the day and at night you run hydro. That way, you are able to expand the dams and also conserve the water in the reservoir much better. “As soon as we deposit the articles of ratification, we become members and then we can begin to tap into the resources,” he added.

“As soon as we deposit the articles of ratification, we become members and then we can begin to tap into the resources,” he added.

The ISA was launched in November of 2015 as a coalition of solar resource-rich countries at the Conference of Parties (CoP) 21 to the United Nations’ Framework Convention on Climate Change  (UNFCCC) in Paris.

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