Ecobank Launches $31m Solar Financing Initiative to Power Ghana’s Green Energy Transition

In a bold move to accelerate Ghana’s transition to clean energy, Ecobank Ghana has launched the Accelerating Solar Action Programme (ASAP) in partnership with the Government of Ghana and the Green Climate Fund (GCF).

The initiative is aimed at expanding access to affordable solar power for homes, small businesses, and agricultural cooperatives across the country.

The programme, which mobilises over $31 million in concessional financing, is part of Ghana’s broader effort to increase the renewable energy share in its national mix and lower carbon emissions in line with global climate targets.

Speaking at the launch event, Managing Director of Ecobank Ghana, Mrs Abena Osei-Poku, described the programme as a landmark initiative combining climate action, economic empowerment, and financial innovation.

“Asap is our commitment to supporting Ghana’s transition to a low-carbon economy,” Mrs Osei-Poku said. “We are not only providing flexible green loans but also addressing key barriers like high upfront costs and limited financing options while creating over 1,800 green jobs.”

Under ASAP, households can access loans of up to GH₵200,000, while businesses and cooperatives may secure up to GH₵10 million, all at a concessionary interest rate of 15% per annum with repayment terms of up to seven years. These terms are expected to broaden participation and accelerate nationwide adoption of solar photovoltaic (PV) systems.

Ecobank will also serve as both the accredited and executing entity for the programme, further demonstrating its leadership in sustainable finance. The bank says ASAP will contribute to:

• The reduction of over 417,000 tonnes of CO₂ emissions
• The generation of 1 million MWh of clean energy
• A 33% increase in Ghana’s installed solar capacity, amounting to 30.6 MW

In a statement on behalf of the Minister of Energy, John Jinapor, the launch was described as a “critical opportunity” to examine Ghana’s energy future. He stressed the importance of attracting both public and private investments to support energy infrastructure and the equitable distribution of resources.

“Our transition to a low-carbon economy must empower all segments of society — especially youth, women, and persons with disabilities,” the minister noted.

He also called for regional collaboration to build a resilient energy value chain and urged investment in research and home-grown technologies tailored to Ghana’s specific challenges.

Also speaking through a statement, the Minister of Finance praised ASAP as a strategic fusion of public and private capital that aligns with Ghana’s climate commitments. The government, he said, is targeting a reduction of 54 billion tonnes of CO₂ emissions by 2030, aiming to prevent 2,900 premature deaths annually.

“Asap is a vote of confidence in Ghana’s national systems and our private sector’s capacity to drive inclusive green growth,” the statement read.

Gissela Berardi, Deputy Director at the Green Climate Fund, commended Ghana’s commitment to climate action and urged the country to seize this moment to drive solar adoption and unlock inclusive opportunities across sectors.

ASAP represents a transformative step in Ghana’s energy landscape — bringing solar power closer to communities, enabling businesses to thrive sustainably, and positioning the country as a regional leader in climate resilience and innovation.

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