- Standard Bank has invested over $3 billion this year in renewable energy projects across Africa, focusing on solar, wind, and energy efficiency.
- At the Ghana Economic Forum, Standard Bank Ghana’s Sydney Nii Ayitey Tetteh emphasised the need for a stable energy sector to attract further investment.
Standard Bank has announced it has mobilised over $3 billion this year to advance green and renewable energy initiatives across Africa. This investment underscores its commitment to sustainable growth and energy independence. Sydney Nii Ayitey Tetteh, Executive Vice President of Energy & Infrastructure at Standard Bank Ghana, revealed this at the 13th Ghana Economic Forum, held at the Movenpick Ambassador Hotel in Accra.
During a panel discussion on “Sustainable Energy Financing and Distribution: Key to Driving Economic Activities and Growth,” Tetteh emphasised the pivotal role of sustainable energy financing in fostering economic development. He highlighted the shift towards sustainability in Ghana’s energy sector and stressed the importance of green financing.
“At Standard Bank, our commitment to supporting the energy transition through innovative financing reflects our purpose: ‘Africa is our home. We drive her growth.’ Investing in sustainable energy is a key aspect of this mission,” Tetteh stated. He noted that Standard Bank had mobilised $2.7 billion for renewable energy across Africa in 2023 and increased its investment to over $3 billion this year.
The bank’s investments target various areas, including solar and wind projects, energy efficiency, electricity distribution networks, green buildings, carbon finance, and climate change adaptation. Tetteh urged energy sector policymakers to enhance sector stability to attract further investment. He pointed out that investors often hesitate to invest in sectors burdened with instability and legacy debts.
While initiatives like the cash waterfall mechanism and other measures under the Energy Sector Recovery Program have improved the sector, more work is needed to enhance its credibility. “A strong, stable, and transparent energy sector is crucial for attracting external capital. We must first address the sector’s foundational issues before pursuing additional investments,” he said.
The Ghana Economic Forum, established in 2012, aims to bring together industry leaders and experts to address key economic challenges and propose solutions to enhance Ghana’s economic growth. The forum serves as a platform for engaging corporate Ghana in discussions about critical economic issues and generating actionable recommendations for accelerated economic development.