The Japan Bank for International Cooperation (JBIC) has expressed interest in investing in Ghana’s energy transmission sector to enhance electricity stability, support productivity, and foster economic growth.
Through semi-commercial loans, JBIC aims to finance bankable projects, including the establishment of substations and the introduction of energy-efficient technology, successfully implemented in Japan. The bank’s interest also extends to oil and gas, manufacturing, green projects such as automobiles, energy transition, clean cooking, and health infrastructure development.
Ms. Fukaya Satoko, Division Director for the Energy and Natural Resources Finance Group at JBIC, revealed this information during the 2024 Africa Investment Forum (AIF) market days in Rabat, Morocco. “Japanese companies possess advanced technology to stabilize electricity, particularly for transmission lines. We can finance these projects if the Ghanaian government is interested,” she said.
She emphasized that Ghana’s ability to repay loans, its track record of overcoming crises, and the country’s need to expand JBIC’s reach in Africa were key reasons for their interest in investing in the nation. “The Ghana government has demonstrated its capacity to recover from crises, and we trust this ability to support economic growth,” Ms. Satoko added.
During the 2024 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group (WBG), Dr. Mohammed Amin Adam, Ghana’s Finance Minister, revealed the government’s openness to private sector participation in the energy sector, which currently faces a financing gap of US$1.9 billion.
“If the government implements the right policies, we are ready to collaborate, bring Japanese companies into the country, and help make these developments possible,” Ms. Satoko stated. She expressed confidence that a partnership between Ghana’s government, JBIC, and Japanese companies would address the energy sector’s challenges and position the electricity sector to support industrial growth.
