Business News of 2014-01-21

Ghana to implement renewable energy gains

The Minister of Energy and Petroleum, Emmanuel Armah Kofi Buah, has given the assurance that government will embark on an effective renewable policy as it was cheaper and beneficial to all sectors of the economy.
He said the achievement of such goals will hinge on the effective partnership that government would have with the private sector in the country and beyond.
Mr Buah, who was speaking to the media in an interview after attending the Abu Dhabi Sustainability Renewable Energy conference, said his experience in the conference demonstrated that renewable energy was much cheaper.
He indicated that his outfit “shall pursue this policy by encouraging private sector participation to supply power to rural communities that are not connected to the national power grid.”
The Minister said private sector participation was necessary to achieve all the energy targets of government and to make the country the hub and major energy exporter in the years to come.
He expressed satisfaction that the TAQA Group of Companies had expressed interest in up scaling their investment in Ghana and assured them of government's cooperation and support to achieve their targets in Ghana.
Mr Buah added that the government will continue to form partnership with companies within the country and beyond to ensure that all its energy development targets were met to abate the perennial energy fluctuation in the country.
President John Dramani Mahama is among other world leaders who are participating in the renewable energy conference.
Also in attendance were Hamdam bin Mohammed Al- Maktoum, Crown Prince of Abu Dhabi, among other dignitaries.
The opening session focused on the rise of the United Arab Emirates in the areas of culture, construction, education, sustainable access to water and job creation and how those measures could be implemented in Africa to enhance the continent's socio-economic development.
It is estimated that the world population would rise to 8 billion by 2030 and this would call for 30 per cent increase in potable water, 50 per cent demand for energy and 50 per cent demand for food.
As a result, Africa is seen as the next growth pole on account of her endowment in those natural resources, giving the indication that the world would focus on the continent for survival and growth.
The conference will therefore give the UAE the opportunity to share its expertise and experience with developing African countries to take advantage to develop their resources.
As the host of the international Renewable Energy Agency (IRENA), the UAE has been actively involved in encouraging the widespread adoption of renewable energy.
The first sustainability conference held last year attracted 30,000 participants from 150 countries.
The main agenda of the conference is to tackle the world's pressing issues in energy, water and environment, accelerate the global adoption of renewable energy and sustainable development.
It is also expected to address water challenges in the arid regions of the world. At the end of the three- day conference, participants would be expected to stimulate investment in water, energy and environment projects and to empower young generations and entrepreneurs.
Source: GNA
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