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symbol of cooperation and interdependence G.F. Kojo Arthur

Need

In sub-Saharan Africa, up to 70% of the population do not have access to electricity, and in some rural areas this number rises to 98%.

Lack of access to affordable, reliable and clean energy has been identified by governments as one of the main problems facing people across Sub-Saharan Africa.

The development of Africa’s electrical power sector is a prerequisite for growth in all other industries.

Access to electricity will open up many new business opportunities, providing greater access to the global economy.

With electricity farmers can store perishable goods and utilise machinery to process the produce more efficiently.

Access to power will enable hospitals to provide higher quality care for their patients, from the use of sophisticated medical equipment to the the basic need of pumping water to their facilities.

Supply of electricity can improve the quality of education in schools and colleges.

Generators are a widely used source of electricity in urban and rural areas, these pollute the air and are expensive to run, using up large percentages of low earning family's income.

Opportunity

The UN predicts the renewable energy market in Africa will be worth US$57bn by 2020.

Seven of the world's ten fastest growing economies are in Africa.

Uganda targets 61% of energy consumption from renewables by 2017, up from 4% today.

PV sales in Tanzania have been growing at 15% per year for the past five years.

Kenya has set a target of 16.9 GW of solar power by 2030.

Sub-Saharan African governments recognise the practical and environmental benefits of solar energy and are showing increasing willingness to invest heavily in these projects for their future, welcoming partnerships with offshore companies that can bring the technical expertise, capital and capacity to expand and develop their solar energy infrastructure.

Sub-Saharan African governments have shown a willingness to enter into long term power purchase agreements PPAs to provide a more stable environment for investment.

100% Industrial

Plan to Prosper From Industrial Energy Saving Advancements

Said Adejumobi, the director of governance and public administration division of the United Nations Economic Commission for Africa (ECA) reported

“the African renewable energy sector has recorded a staggering 1,583 per cent increase between 2004 and 2011”.

Adejumobi indicated that the enormous growth had resulted in the sector reaching a value of US$3.6bn in 2011, up from US$750mn in 2004, thanks to the large unmet demand, combined with abundant available sources of renewable energy across Africa.

The UN official argued that the demand for energy would continue to rise in the future due to a combination of factors, including Africa’s economic progress in the last 15 years, which has averaged a five per cent GDP growth rate, the demographic structure in which more than 60 per cent of the continent’s population was made up of young people and the increasing rate of urbanisation in Africa.The key growth areas in the sector, he said, included wind, solar and geothermal power and emphasised the need for foreign direct investment into the continent’s energy and power infrastructure.

“Investment in renewable energy is a major priority for Africa,” he remarked.

A new report by Commerzbank Renaissance in Sub-Saharan Africa states that with real economic growth of 5 percent in 2013 and a predicted 6 percent in 2014, Sub-Saharan Africa has ranked second behind front-runner Asia since 2012. This overall favourable development let the area emerge as a promising market with attractive locations, creating unprecedented opportunities for exports and imports and attracting increasing numbers of foreign investors, thus brightening Sub-Saharan Africa’s long-term prospects. The report also states that the relatively quick deployment time of solar power could help to fix energy supply issues and get Sub-Saharan economies back on track, and that curing the region’s energy problems could have a dramatic effect on some countries’ fortunes.

Admassu Tadesse President and Chief Executive, PTA Bank writes

Several of the economies of eastern and southern Africa, PTA Bank’s market, are amongst the fastest-growing economies in Africa, notably Angola, Ethiopia, Mozambique, Rwanda, Tanzania and Zambia, with Uganda picking up. Investment as a percentage of GDP is now well above 30 percent in most of these countries, and is growing in others, which is a good lead indicator of continued growth. In the first half of 2013, private equity firms, an untraditional source, invested USD 850 million through 36 deals in sub-Saharan Africa according to a recent review by the EMPE Association – a growth of 6 percent in the number of deals and 45 percent in capital over the same period in 2012.