By: Energy capital & power

Ghana is set to establish the Renewable Energy Investment Fund (REIF) to attract investment and drive the country’s transition toward cleaner, renewable energy sources.

The REIF will primarily focus on attracting both local and international investments to support the development of renewable energy projects across Ghana. By providing financing for both large and small-scale renewable energy ventures, the fund seeks to facilitate the country’s goal of achieving a 10% renewable energy mix by 2030.

In addition to supporting solar, wind and hydroelectric power projects, the REIF will play a pivotal role in enabling infrastructure development, creating jobs and fostering local expertise within the sector. Ghana is also planning to introduce a competitive procurement process for renewable energy projects as part of efforts to reduce electricity costs.

Ghana’s Minister of Energy and Green Transition, John Abdulai Jinapor, stated that a bill to establish a Renewable Energy Agency, responsible for overseeing the fund, is currently under technical review and will soon be submitted to the cabinet.