Ghana has signed up for a continental initiative aimed at providing cheaper power for its citizens through the new Regional Liquidity Support Facility (RLSF).
The country recently signed a memorandum of understanding (MoU) with the Nairobi-based African Trade Insurance Agency (ATI) for the rollout of the facility, in line with its mission to promote access to reliable, clean, and affordable electricity.
Ghana is the 9th ATI member State to sign the MoU, joining Benin, Burundi, Côte d’Ivoire, Madagascar, Malawi, Togo, Uganda and Zambia. Despite hosting the regional body, Kenya is still missing from the list.
According to ATI, the MoU comes at a time when the demand for energy in Ghana is increasing by 10% annually.
Data shows Ghana has one of Africa’s highest rates of access to power at 86.63%, with 74% of rural residents and 95% of urban residents connected to the electricity grid.
With a total installed capacity of over 5,300 MW, Ghana also exports excess power to its neighbours – Benin, Burkina Faso and Togo.
Since its inception in 2001, ATI has facilitated up to KES 8.4 trillion worth of investments and trade in Africa.