Latest news with #Mission300
Yahoo
14-05-2025
- Business
- Yahoo
Ghana to reduce $2.5bn debt to power producers by year end
Ghana's Government has announced its intention to significantly reduce the country's $2.5bn (31.27bn cedis) debt owed to independent power producers and gas suppliers by the end of the year, according to a Reuters report. President John Dramani Mahama expressed confidence in addressing the financial challenges facing the power sector during a forum in Ivory Coast. Last year, Ghana reached a restructuring agreement with independent power producers to manage approximately $1bn of legacy debt. Despite this, the nation's arrears have continued to impact the economy, particularly since President Mahama began his second term in January. President Mahama acknowledged inefficiencies within the state-owned utility, Electricity Company of Ghana (ECG), which faces a revenue collection loss of around 40%. To improve the situation, he announced plans to involve the private sector in the billing process. Mahama was quoted as saying: 'People are queuing up, I said they should wait. We are going to do expressions of interest,' indicating a cautious approach to selecting private partners for this initiative. The cabinet is yet to decide on the structure of this partnership, which may involve one or multiple entities, with an emphasis on local participation. President Mahama also encouraged companies to expedite oil and gas extraction, citing the global energy transition. 'Oil is in transition and so everybody who has any assets should be pumping like there is no tomorrow... I would lay a red carpet to anybody who wants to drill and pump oil to do so,' he added. In related news, the Mission 300 initiative, which aims to electrify 300 million Africans by 2030, secured more than $8bn in new funding commitments during the Africa Energy Summit in Dar es Salaam, Tanzania. "Ghana to reduce $2.5bn debt to power producers by year end" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
World Bank's loan to support Bosnia and Herzegovina's energy transition
The World Bank has approved a substantial financial package to bolster Bosnia and Herzegovina's energy security and economic transition. On 1 May, the Board of Executive Directors sanctioned a €79.90m loan and a €2.89m grant to advance the country's National Energy and Climate Plan. This strategic move aims to enhance energy independence, foster job opportunities and strengthen local economies in regions transitioning away from coal. The Just Transition in Select Coal Regions of Bosnia and Herzegovina Project is set to repurpose post-mining lands in Banovići, Zenica and Kreka. This includes facilitating the closure of underground works in Zenica and installing renewable energy systems at Banovići and Kreka mines. Additionally, the project will offer social protection and skills development programmes for workers and communities transitioning from the coal sector. World Bank Country Manager for Bosnia and Herzegovina and Montenegro Christopher Sheldon said: 'This new project is an opportunity to boost Bosnia and Herzegovina's energy security while supporting communities, making sure no one is left behind.' Bosnia and Herzegovina is committed to reducing greenhouse gas emissions and decarbonising its power sector by 2050. The World Bank's support aims to ensure that mine closures are managed in an environmentally and socially responsible manner, while simultaneously creating new job opportunities and invigorating local economies in the former coal regions. In a related development, the World Bank and the African Development Bank unveiled terms in January this year for African countries to access $40bn in power finance through the Mission 300 programme. This initiative aims to connect half of the continent's population to the national grid and the other half through off-network solutions like solar mini-grids. The programme promises $30bn from the banks, with an additional $10bn anticipated from private institutions, marking a significant step in addressing varied electricity access across sub-Saharan Africa. "World Bank's loan to support Bosnia and Herzegovina's energy transition" was originally created and published by Power Technology, a GlobalData owned brand.
Yahoo
06-05-2025
- Business
- Yahoo
Energy is the ‘number one problem' for Africa's economy, says IEA director
Nearly 600 million people in sub-Saharan Africa live without access to electricity, creating huge barriers to development. Not only does it stifle industrial growth and agricultural efficiency, but it also has implications on health and education: students often have little lighting by which to study, vaccinations cannot be refrigerated, and a lack of access to clean cooking technologies has led to severe household air pollution – causing 700,000 premature deaths a year. According to the International Energy Agency (IEA), energy investment in Africa has fallen in recent years, although recent programs such as Mission 300, launched by the World Bank and African Development Bank, aim to unlock investment and provide power to 300 million people in the next six years. CNN's Eleni Giokos speaks to Dr. Fatih Birol, executive director of the IEA, about the state of energy in Africa and the challenges the continent needs to overcome. This interview has been edited for length and clarity. Eleni Giokos: When we talk about 600 million people on the continent having some kind of energy insecurity or no access to electricity, what does that mean in terms of investment required to bridge that gap? Fatih Birol: Africa is a continent of contrasts when it comes to energy. Africa has a lot of energy sources: oil, gas, solar, wind, geothermal energy, hydropower, all of them. But at the same time, Africa is very poor when it comes to use of energy. Every second (person) in Africa (has) no access to electricity, and at the same time, four out of five families use open fire to prepare their meals. Lack of energy hinders Africa's development, (it is) maybe (the) number one problem when it comes to Africa's economy. What do we need? In Africa, we need these huge energy sources to meet with investment, with money to make projects, to bring energy to the people and to the economy. So, this is the key issue today in Africa. Let's look at the energy supply mix right now on the African continent. According to IEA statistics, coal accounts for 13%, oil 26%, gas 18%, biofuels 40%. Renewables are a small portion. Where is the money meant to come from to really tap into this abundant resource? Today in Africa, the energy sector receives about $100 billion of investments. If we want to see an Africa which is providing energy – clean energy – to its citizens, we need to see at least three times higher, about $300 billion investment. This needs to come from the countries themselves, and Africa has such huge potential, that with right investment policies, it shouldn't be difficult to attract foreign investments. The problem is foreign investors think Africa is a risky investment climate. The governments' job is to minimize those risks, minimize the bureaucracy, increase transparency … rather than providing uncertainties for the investors. Investors should know that if (they) invest in African energy, they will get a decent return, and this is guaranteed. This is the way that governments need to prepare the investment framework for the investors. When I look at the overall global carbon emissions from the continent related to energy emissions, Africa accounts for only 3% of what we see globally. The continent has an amazing opportunity, firstly, to industrialize, but doing it in a different way to the rest of the world. What strategy do you think that should be adopted? Africa's sins in terms of climate change are almost negligible. Africa's share (of the world's energy-related carbon dioxide emissions) is less than 3%, but the worst effects of climate change are felt in Africa. When we look at the future of African energy, especially for electrification, I see that renewables will play a very important role: solar, wind, hydropower and others. But it is not only electrification you need for the industrialization of the (continent), you also need other energy sources. For example, I believe Africa should make use of natural gas in a responsible way – it has huge natural gas resources. Africa should use its solar, wind, hydropower, natural gas, maybe nuclear (power) in some countries, all its energy sources, to develop. It is Africa's time to develop now, and Africa needs a lot of energy – and Africa needs to get this energy in a clean, secure and affordable way. The African Continental Free Trade Area, the ambition to create the largest trading block in the world, how is that going to change the game, in terms of African countries collaborating? The idea is very good. If we can find (a way) to foster trade among African countries, it can increase the cost effectiveness of many projects and reduce the tax issues. It can provide a boost to the investment needs in Africa, if it is rightly implemented. What countries are you hopeful about, where are you seeing major progress? I wouldn't like to pick one country, but I see that (across) Africa, governments are now understanding more and more that without fixing the energy problem, they cannot make their citizens happy or wealthy. If there is no energy, there is no stability. If there is no energy, there is no economic development. And Africa needs to solve this problem. Some governments are making very good steps in sub-Saharan Africa, but some others are lagging, unfortunately. For more CNN news and newsletters create an account at
CNN
06-05-2025
- Politics
- CNN
Energy is the ‘number one problem' for Africa's economy, says IEA director
CNN — Nearly 600 million people in sub-Saharan Africa live without access to electricity, creating huge barriers to development. Not only does it stifle industrial growth and agricultural efficiency, but it also has implications on health and education: students often have little lighting by which to study, vaccinations cannot be refrigerated, and a lack of access to clean cooking technologies has led to severe household air pollution – causing 700,000 premature deaths a year. According to the International Energy Agency (IEA), energy investment in Africa has fallen in recent years, although recent programs such as Mission 300, launched by the World Bank and African Development Bank, aim to unlock investment and provide power to 300 million people in the next six years. CNN's Eleni Giokos speaks to Dr. Fatih Birol, executive director of the IEA, about the state of energy in Africa and the challenges the continent needs to overcome. This interview has been edited for length and clarity. Eleni Giokos: When we talk about 600 million people on the continent having some kind of energy insecurity or no access to electricity, what does that mean in terms of investment required to bridge that gap? Fatih Birol: Africa is a continent of contrasts when it comes to energy. Africa has a lot of energy sources: oil, gas, solar, wind, geothermal energy, hydropower, all of them. But at the same time, Africa is very poor when it comes to use of energy. Every second (person) in Africa (has) no access to electricity, and at the same time, four out of five families use open fire to prepare their meals. Lack of energy hinders Africa's development, (it is) maybe (the) number one problem when it comes to Africa's economy. What do we need? In Africa, we need these huge energy sources to meet with investment, with money to make projects, to bring energy to the people and to the economy. So, this is the key issue today in Africa. Let's look at the energy supply mix right now on the African continent. According to IEA statistics, coal accounts for 13%, oil 26%, gas 18%, biofuels 40%. Renewables are a small portion. Where is the money meant to come from to really tap into this abundant resource? Today in Africa, the energy sector receives about $100 billion of investments. If we want to see an Africa which is providing energy – clean energy – to its citizens, we need to see at least three times higher, about $300 billion investment. This needs to come from the countries themselves, and Africa has such huge potential, that with right investment policies, it shouldn't be difficult to attract foreign investments. The problem is foreign investors think Africa is a risky investment climate. The governments' job is to minimize those risks, minimize the bureaucracy, increase transparency … rather than providing uncertainties for the investors. Investors should know that if (they) invest in African energy, they will get a decent return, and this is guaranteed. This is the way that governments need to prepare the investment framework for the investors. When I look at the overall global carbon emissions from the continent related to energy emissions, Africa accounts for only 3% of what we see globally. The continent has an amazing opportunity, firstly, to industrialize, but doing it in a different way to the rest of the world. What strategy do you think that should be adopted? Africa's sins in terms of climate change are almost negligible. Africa's share (of the world's energy-related carbon dioxide emissions) is less than 3%, but the worst effects of climate change are felt in Africa. When we look at the future of African energy, especially for electrification, I see that renewables will play a very important role: solar, wind, hydropower and others. But it is not only electrification you need for the industrialization of the (continent), you also need other energy sources. For example, I believe Africa should make use of natural gas in a responsible way – it has huge natural gas resources. Africa should use its solar, wind, hydropower, natural gas, maybe nuclear (power) in some countries, all its energy sources, to develop. It is Africa's time to develop now, and Africa needs a lot of energy – and Africa needs to get this energy in a clean, secure and affordable way. The African Continental Free Trade Area, the ambition to create the largest trading block in the world, how is that going to change the game, in terms of African countries collaborating? The idea is very good. If we can find (a way) to foster trade among African countries, it can increase the cost effectiveness of many projects and reduce the tax issues. It can provide a boost to the investment needs in Africa, if it is rightly implemented. What countries are you hopeful about, where are you seeing major progress? I wouldn't like to pick one country, but I see that (across) Africa, governments are now understanding more and more that without fixing the energy problem, they cannot make their citizens happy or wealthy. If there is no energy, there is no stability. If there is no energy, there is no economic development. And Africa needs to solve this problem. Some governments are making very good steps in sub-Saharan Africa, but some others are lagging, unfortunately.
Zawya
24-04-2025
- Business
- Zawya
As far as Africa is concerned World Bank/IMF Spring Meetings are tone-deaf
As the World Bank and International Monetary Fund host the Spring Meetings in Washington this week, Africa's development priorities hang in the balance. With no high-level discussions on climate or gender — issues that are central to the continent's growth and resilience — the agenda seems increasingly disconnected from the systemic challenges facing African nations. Instead, the focus remains on "Jobs and Macroeconomics," a framing that recalls the failed structural adjustment programmes (SAPs) of the 1980s and 90s. Under the guise of growth and stability, these policies imposed austerity, deregulation and fiscal cuts that decimated public services, deepened inequality and burdened Africa with unsustainable debt. The current direction threatens to repeat this damaging legacy, while the institutions responsible for financing fossil fuel expansion and undermining climate resilience evade accountability. In this context, Mission 300, launched at the Africa Energy Summit in Dar es Salaam in January, stands as a critical initiative. Led by the World Bank, African Development Bank (AfDB), African Union, and the government of Tanzania, Mission 300 aims to provide electricity to 300 million people across Africa by 2030. But ambition without justice is not progress. And promises without integrity are not solutions. The truth is, Mission 300 risks becoming just another top-down, donor-driven project that fails to answer the fundamental question: whose development, on whose terms, and at what cost?In line with this year's Spring Meetings' theme "Jobs and Macroeconomics,' we must critically assess whether Mission 300 will create clean, sustainable jobs that benefit communities across Africa. Will it empower young people in rural Kenya or women in informal settlements in Ghana — or will they be concentrated in urban industrial corridors and foreign contractor payrolls?According to the International Renewable Energy Agency (Irena), Africa accounts for only 3 percent of global renewable energy jobs, despite its vast potential and growing population. If Mission 300 is to reverse this trend, it must move beyond megaprojects and pipelines, and instead prioritise community-led, decentralised energy systems that generate not just electricity but equitable, decent work rooted in local contexts. Yet, early indications are troubling. The inclusion of fossil gas as a transitional energy source — backed by the World Bank and reflected in Senegal's National Energy Compact — is a signal that the same polluting industries responsible for destabilising our climate are being rebranded as part of the solution. Natural gas may offer short-term job spikes during construction, but these are neither green nor future-proof jobs. Moreover, the International Energy Agency has made it clear that no new oil and gas fields are compatible with net-zero by 2050. The financing model raises equally serious concerns. Much of the funding promised under Mission 300 comes in the form of concessional loans. Even at a one percent interest rate over 40 years, this is debt — and for a continent where 40 countries face rising debt levels, and at least 19 are at high risk of debt distress, adding more liabilities to public balance sheets to fund fossil-dependent infrastructure is not development — it is exploitation. African nations sink deeper into debt crisis. Their external debt has reached a staggering $11.4 trillion in 2023. According to a report by Christian Aid, across Africa, 32 countries now spend more on debt than healthcare, with $85 billion paid to external creditors in 2023, projected to increase to $104 billion in 2024. As debt burdens grow heavier across the continent, the wave of billion-dollar pledges and commitments deserves careful attention. The Africa Energy Summit generated headlines with pledges of over $5 billion from donors like the Rockefeller Foundation, AIIB, and Islamic Development Bank, but bigger numbers don't always mean better outcomes. With over $50 billion now committed to Mission 300, including $48 billion from the AfDB and World Bank by 2030, there is still no public guarantee of how these funds will be deployed. This lack of transparency and the sidelining of critical climate concerns only amplifies the deeper contradictions within the World Bank/IMF policies and deeply alarms African civil society and vulnerable communities in Africa. The World Bank committed at the 2023 Annual Meetings in Marrakech to a new mission: A liveable planet, in addition to poverty eradication. This new vision is now marginalised possibly due to fears of withdrawal by the Trump administration, revealing a major contradiction. Regarding climate finance, Bretton Woods institutions must strengthen their climate financing capacities, particularly in ways that don't create additional barriers for developing countries. The September 2024 report on MDB's Joint Report on climate finance shows that MDBs contributed a record $125 billion in 2023. But these funds often come in the form of debt and non-concessional finance, which limits the fiscal space of developing countries already struggling with climate impacts and high debt levels. There is an urgent need to significantly increase grant-based and highly concessional finance within their portfolios. Gender has also been sidelined in World Bank discussions for far too long. Despite the Bank's ambitious Gender Strategy for 2024-30, which promises to prioritise gender equality in global development, the reality remains far removed from these claims. Women's needs, particularly in vital sectors like energy access, continue to be neglected. Nearly 900 million people in Africa still rely on harmful biomass for cooking, and the burden falls disproportionately on women. This is not merely a climate or environmental issue— it's a health crisis, a significant economic vulnerability, and an unaddressed inequality. Reliance on polluting fuels costs $791.4 billion annually, with health-related impacts accounting for $526.3 billion. The Spring Meetings must be seized as a turning point. While the hopes may be tempered by the complexities and challenges ahead, giving up is worse. Expectations are low, given the history of unfulfilled promises and empty rhetoric. Yet, this moment presents a critical opportunity for African leaders to reject outdated models of debt-driven growth, fossil-fuelled development, and gender-blind planning. Dr Wafa Misrar is the Campaign and Policy Officer at CAN Africa, and Said Skounti is a researcher at IMAL Initiative. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
