Ecobank Ghana Launches $31M Solar Financing Scheme to Spur Ghana’s Clean Energy Drive

Ghana’s ambition for a greener, more inclusive energy future received a major boost with the official launch of the Accelerating Solar Action Program (ASAP) by Ecobank Ghana, in collaboration with the Green Climate Fund and the Government of Ghana.

The initiative seeks to promote solar energy adoption across households, SMEs, and agri-businesses by providing concessional financing and technical support.

In her remarks, Managing Director of Ecobank Ghana, Mrs. Abena Osei-Poku, described the program as a “bold expression” of the bank’s long-standing commitment to sustainability and inclusive growth.

“Sustainability is not just part of our strategy; it is central to our purpose,” she emphasized. “ASAP aims to tackle the real barriers to clean energy access, which are high upfront costs, limited financing options, and low end-user awareness.”

With over USD 31 million in concessional funding, the program will support the installation of distributed solar PV systems across Ghana. Beyond financing, ASAP also aims to build vendor capacity, strengthen institutional frameworks, and create 1,800 green jobs along the solar value chain.

Ecobank, acting as both the Accredited and Executing Entity, projected that the initiative will:

• Reduce over 417,000 tonnes of CO₂ emissions
• Generate more than 1 million MWh of clean energy
• Increase Ghana’s renewable energy capacity by 30.6 megawatts, a 33% boost

Mrs. Osei-Poku extended appreciation to key partners including the Ministry of Finance, Energy Commission, and the Green Climate Fund for their support, and stressed that the program is particularly designed for women entrepreneurs, SMEs, and agri-businesses.

“These aren’t just numbers, they are lives transformed, businesses empowered, and a planet protected,” she said. “This launch marks not just a program, but a movement.”

Government Reaffirms Just and Inclusive Energy Transition

Representing the Ministry of Energy, Dr. Robert Bright Mawuko Sogbadji, Deputy Director for Power (Alternative Energy), outlined the critical role of climate finance in Ghana’s transition from fossil fuels to a green economy.

“We face the twin challenges of energy poverty and industrial growth,” he noted. “ASAP presents a strategic opportunity to address both, while ensuring that no one is left behind.”

Dr. Sogbadji stressed the importance of attracting both public and private investments to fund generation, distribution, and storage infrastructure. He also highlighted the need to develop resilient energy systems capable of withstanding the impacts of climate change.

 He focused on prioritizing equity and inclusion, especially for youth, women, and persons with disabilities; developing a net-zero workforce with skills for the green economy; investing in homegrown innovations tailored to Ghana’s unique energy challenges and building regional value chains to fully exploit Ghana’s critical minerals and renewable energy technologies.

“Let us remember that the energy decisions we make today shape the future of our continent,” he said. “Our energy transition must not only be green, but also just, inclusive, and equitable.”

A Bold Step Toward Ghana’s Renewable Energy Targets

Both speakers reiterated the urgency of meeting Ghana’s target of increasing solar and modern renewable energy penetration by 10%.

 With ASAP in place, Ecobank and its partners hope to accelerate Ghana’s progress toward that goal and position the country as a regional leader in sustainable development.

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