The Association of Ghana Industries (AGI) says rising energy costs are increasingly undermining the competitiveness of businesses, urging greater adoption of solar energy to reduce operating expenses and improve productivity.
AGI Chief Executive Officer Seth Twum-Akwaboah said energy costs have consistently ranked among the major concerns raised by businesses through the Association’s Business Barometer.
He explained that reducing energy costs could significantly improve the ability of Ghanaian businesses to compete.
“One of the key elements in cost is energy, and the energy bit is so critical because if you’re able to reduce cost of energy, you can become more competitive.”
Speaking on the sidelines of the launch of the BisaConnect Platform in Accra, Mr Twum-Akwaboah said the initiative would help businesses overcome some of the technical and financial barriers associated with investing in solar energy.
Developed through the AGI Energy Service Centre, the platform will connect businesses interested in solar energy with credible service providers and financial institutions.
He said businesses often struggle to identify reliable technical experts and determine whether proposed solar projects are commercially viable.
According to him, the technical nature of solar installations means businesses could suffer significant losses if projects are poorly designed or implemented.
BisaConnect will therefore connect businesses with certified service providers while linking them to financial institutions offering financing products for renewable energy projects.
Support for feasibility studies
A key component of the initiative is support for solar feasibility studies, which are being subsidised with assistance from Swisscontact.
Mr Twum-Akwaboah said Swisscontact contributes more than half of the cost of feasibility studies, significantly reducing the initial financial burden on businesses seeking to assess the viability of solar investments.
Once a feasibility study establishes that a project is commercially viable, businesses can use the technical and financial evidence to approach financial institutions for funding.
He noted that businesses could potentially secure financing for an entire solar project and repay the investment gradually from their regular cash flows.
Meanwhile, Kofi Amin Kofi Anim Ayeko, Manager for Renewable Energy at Swisscontact Ghana, said the challenge facing businesses goes beyond access to capital.
He identified information gaps, limited confidence in technical assessments and difficulties in finding credible service providers as major barriers to solar investment.
“These barriers create a gap between demand, technical expertise, and capital,” he said.
According to Mr Ayeko, BisaConnect is designed to bridge that gap by bringing businesses, renewable energy service providers and financiers onto a common platform.
He described the initiative as Ghana’s first inclusive solar e-marketplace and renewable energy investment-readiness platform, aimed at helping businesses move from interest in solar energy to investment decisions supported by credible technical and financial information.
The initiative forms part of Swisscontact’s support for Ghana’s green economy and seeks to strengthen the renewable energy market by improving connections among businesses, service providers and financial institutions.
For the AGI, accelerating the adoption of solar energy is increasingly important as industries seek to manage energy costs and remain competitive.
Mr Twum-Akwaboah acknowledged that solar uptake remains below Ghana’s renewable energy ambitions but expressed confidence that improved financing options and easier access to reliable technical expertise could accelerate adoption.
“We are talking sustainability, we are talking about the future. It’s actually a way to go. And therefore, we are concerned that it’s too low.”
Source: citinews
