The World Bank has urged Ghana to accelerate investment in renewable energy, warning that rising tensions in the Middle East expose the country’s vulnerability to fossil fuel dependence.
The Bank, together with private sector players, called for reforms in the renewable energy regulatory framework to boost private sector participation.
The call was made during a visit by Mr Paschal Donohoe, Managing Director and Chief Knowledge Officer of the World Bank Group, to a rooftop solar installation by LMI Holdings.
Mr Donohoe said global instability, particularly in the Middle East, highlighted the risks associated with reliance on petroleum, stressing the need for Ghana to prioritise sustainable energy sources.
He noted that renewable energy, especially solar, offered long-term energy security and reduced exposure to external shocks.
Mr Donohoe commended LMI Holdings for investing in solar energy solutions that cut dependence on imported fuel while supporting job creation and tax revenue.
He emphasised that stronger collaboration between government and private operators would be critical to expanding Ghana’s renewable energy capacity.
Mr Kojo Adu-Hene, Chief Executive Officer of LMI Holdings, said the current global situation reinforced the urgency for Ghana to diversify its energy sources.
He identified regulatory constraints as a key barrier to scaling renewable energy and called for a more enabling environment to attract private investment.
Mr Adu-Hene said improved payment systems and policy reforms would encourage investors to expand renewable projects.
He reiterated LMI’s plan to scale solar generation to 1,000 megawatts, noting that such initiatives could support Ghana’s industrialisation drive.
