Tag Archives: ghana

Ghana Capital Partners 28MW solar PV project awarded runners-up at 2nd West Africa Forum for Clean Energy Financing (WAFCEF 2) in Abidjan, Côte d’Ivoire

Sidney Yankson (right), founder of Ghana Capital Partners with Akinwumi Adesina (left), President of African Development Bank, Abidjan, Côte d'Ivoire     Sidney Yankson (left), founder of Ghana Capital Partners receiving his award from senior members of the African Development Bank, namely Mulu Ketsela, Ronald Meyer, Rafique J. Mahomed, Abidjan, Côte d'IvoireSidney Yankson, Ghana Captial Partners (right) at WAFCEF-2 with Albert Boateng (left) of CTI-PFAN, Abidjan, Côte d'Ivoire        Sidney Yankson, Ghana Capital Partners presenting to the judges and delegates at Africa Energy Week, African Development Bank, Abidjan, Côte d'Ivoire


Finalists of WAFCEF-2, Abidjan, Côte d'Ivoire

Ghana Capital Partners (“GCP”)  was awarded the runners-up prize in Abidjan, Côte d’Ivoire on 17 September 2015, at the West Africa Forum for Clean Energy Financing (WAFCEF-2).

Jointly organised by the African Development Bank (AfDB) / Sustainable Energy Fund for Africa (SEFA), the ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) and the Climate Technology Initiative – Private Financing Advisory Network (CTI P-FAN), the second West Africa Forum for Clean Energy Financing (WAFCEF-2) business plan competition took place at AfDB Abidjan headquarters, September 17, 2015 as part of the ECOWAS Sustainable Energy & Investment High Level Forum.

The GCP project was the only project from Ghana to be included as a finalist. The other projects were from all over West Africa, including Senegal, Burkina Faso, and Nigeria.

Founder of GCP, Sidney Yankson said, “It was a great honour to represent Ghana at this event. Yesterday at the Energy Week Forum we heard Akinwumi Adesina, the President of the African Development Bank, the Prime Minister of Côte d’Ivoire, the Prime Minister of Benin  and the Prime Minister of Democratic Republic of Congo all share their support and vision for renewable energy as a key part of Africa’s future. It was great to be a part of that.”

GCP’s ground mounted 28MW solar PV project will provide much needed electricity to Ghana and will produce enough power annually to power 200,000 homes. This will raise one million (1,000,000) people out of energy poverty. The project will also reduce green house gas (carbon offset) emissions by 18,900 tonnes of carbon dioxide (CO2) per annum for the 25 years of the plant.

Alex Deprez, regional director of USAID said that together with Power Africa, USAID was happy to support clean energy projects in the region.

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Energy Week, Abidjan, 14-18 September 2015

About SEFA

SEFA is a USD 90 million multi-donor facility funded by the governments of Denmark, the United Kingdom and the United States. It supports the sustainable energy agenda in Africa through: grants to facilitate the preparation of medium-scale renewable energy generation and energy efficiency projects; equity investments to bridge the financing gap for small- and medium-scale renewable energy generation projects; and support to the public sector to improve the enabling environment for private investments in sustainable energy. SEFA is hosted by the Energy, Environment and Climate Change Department of the AfDB.


ECREEE is a specialised agency of the Economic Community of West African States (ECOWAS) which acts as an independent body, within the legal, administrative and financial framework of ECOWAS rules and regulations. The overall objective of ECREEE is to contribute to the sustainable economic, social and environmental development of West Africa by improving access to modern, reliable and affordable energy services, energy security and reduction of energy-related GHG emissions and climate change impacts on the energy system.


CTI PFAN is a multilateral, public-private partnership initiated by CTI in cooperation with the UN Framework Convention on Climate Change’s Expert Group on Technology Transfer.


Ghana Capital Partners shortlisted for second West Africa Clean Energy Finance Forum (WAFCEF-2) in Accra, Ghana, 25 March 2015


Ghana Capital Partners was shortlisted from 50 applicants to participate in the second West Africa Clean Energy Finance Forum (WAFCEF-2).

The WAFCEF-2 partners include the Climate Technology Initiative Private Financing Advisory Network (CTI PFAN), Regional Clean Energy Investment Initiative (RCEII) together with the United States Agency for International Development (USAID), the ECOWAS Regional Centre for Renewable Energy and Energy Efficiency (ECREEE), Banque ouest africaine de développement (BOAD), and the African Biofuels and Renewable Energy Company (ABREC), which is affiliated with the ECOWAS Bank for Investment and Development (EBID).

The purpose of the forum is to reach out and attract potential start-ups and existing companies with promising clean energy projects. West African businesses selected through the Business Plan Competition will receive free mentoring to help them polish their business plans, develop convincing investment pitches, and formulate a commercially, financially, socially and environmentally viable growth strategy that in turn will significantly enhance the possibility of obtaining financing.

Albert Boateng, regional co-ordinator for West Africa, opened the session in Accra today and said the standard of applicants was high.

GCP founder Sidney Yankson presented GCPs 28MW solar PV project to the workshop. The GCP project once constructed will provide much needed power to the Ghana electricity distributor, Electricity Company of Ghana, for 200,000 homes.

The project is set to provide 42 GWhr/year of energy and create at least 20 jobs.

Sidney Yankson of GCP said, “We are keen to get the project off  the ground. The rolling blackouts in Ghana are probably reducing the countries output by 1% of GDP per ann.”

About the Sustainable Energy Fund for Africa (SEFA): SEFA is a multi-donor facility to support the sustainable energy agenda in Africa, operating through three components: (i) grants to facilitate the preparation of medium-scale renewable energy generation and energy efficiency projects (ii) equity investments to bridge the financing gap for small- and medium-scale renewable energy generation projects and; (iii) support to public sector in improving the enabling environment for private investments in sustainable energy. SEFA is endowed with US $60 million from the Governments of Denmark and United States and hosted by the Energy, Environment and Climate Change Department of the AfDB.

CTI-PFAN WAFCEF workshop - Accra, Ghana - 25 Mar 2015      CTI PFAN workshop, Accra, Ghana - 25 March 2015


GCP Solar’s Pilot Project in Tamale, Northern Ghana

In conjunction with Just Shea, GCP Solar distributed 384 solar lanterns to two off-grid lighting communities in Northern Ghana. These are rural areas with no current access to safe light or electricity.

GCP Solar is a distributor of the market leading Nokero® suite of solar products, such as hand-held solar lights and mobile phone chargers. A majority of the population currently use candles or kerosene to produce  light, these can have detrimental affects to their health as well as the environment.

Sidney Yankson (CEO, GCP Solar) ran one-to-one or group sessions teaching the Shea women, with an interpreter, about how to use their purchased solar lanterns. The solar lanterns were a part of their safety kit provided by Just Shea. After returning at nightfall, the feedback was already highly positive. Not only does this provide a safer and sustainable solution to bad lighting, the women actually saved extra money through buying the product. Many of them were pleased that their children could now do their homework after sundown.

The shea women collect shea nuts in remote areas in Northern Ghana. Shea butter is a popular type of moisturiser exported all over the world. 1 million women a year get bitten by snakes when picking the nuts, however now, thanks to their safety kit and solar lanterns, this figure may now be curbed. The Government of Ghana is hoping for 5GW of total power in the country in the years to come. Furthermore, they anticipate that a high proportion of this will come from renewable energy sources.

U.S set to invest up to US$498 Million in Ghana’s Electricity Network

Bloomberg announced on 4 August that the U.S is set to invest as much as $498.2 million, over an initial five year period, to improve Ghana’s electricity network. This is part of an effort to encourage private investment and help the West African nation become a regional energy hub.

The Millennium Challenge Corporation is an independent U.S agency focusing on foreign aid, it will provide $308.2 million to enhance generators and power lines in the region. If certain targets are met in Ghana, a further $190 million will be made available, which the government corporation didn’t specify.

Ghana’s President John Dramani Mahama described how “energy is increasingly becoming a constraint to growth in Africa”. He is currently attending the U.S. Chamber of Commerce in Washington. Fifty African leaders have been invited to the White House by Barack Obama to discuss investing into the Sub-Saharan continent. The U.S.-Africa Leaders Summit hopes to unlock opportunities, stimulate growth and create an enabling environment for the next generation in Africa.

Ghana plans to invest $37.4 million of its own fund in the power initiative, which Millennium Challenge said will help generate more than $4 billion in the nations energy sector. These ideals embody the mission of GCP Solar, to help spread sustainable energies and provide energy security to those at the base of the pyramid. Through establishing investments in the energy sector this will hopefully nudge African governments in other areas such as human rights, such as girls, women and gays establishing good governance. Similarly GCP Solar hopes having access to safe lighting will help businesses prosper and enable personal development.

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Ghana Supreme Court upholds John Mahama’s 2012 Presidential election

Ghana’s Supreme Court has dismissed an appeal by the opposition to annul President John Mahama’s narrow victory in last year’s disputed election.

The NPP had alleged that Mr Mahama won the election fraudulently, a charge his NDC party denied.

However, the court ruled that he had been “validly elected” after beating the NPP’s Nana Akufo-Addo by 50.7% to 47.7% in the December 2012 election.

Ghana is generally seen as a beacon of democracy in the region.

The case was broadcast live on television and radio in a rare sign of judicial transparency in Africa, says the BBC’s Akwasi Sarpong in Accra.


Nearly 30,000 security officers were deployed across Ghana to prevent any violence after the court verdict.

Presidential election results

  • John Dramani Mahama, NDC – 50.70%, 5,574,761 votes
  • Nana Akufo-Addo, NPP – 47.74%, 5,248,898 votes

Crowds of governing National Democratic Congress (NDC) supporters broke into songs of celebration when it was announced.

Mr Akufo-Addo said he was disappointed but would respect the decision of the nine judges.

“I urge all our supporters to accept the verdict – and in peace,” he said.

NDC general secretary Johnson Asiedu Nketia said he was happy with the verdict, as he knew the party had done nothing wrong.

Ghanaians have been spellbound by the eight-month case, following it closely on radio and television, our reporter says.

Court cases are not usually beamed into the homes of people, he says.

The New Patriotic Party (NPP) had asked the court to scrap some four million votes, alleging the result was tampered with to guarantee Mr Mahama victory in the first round of the election.

The NDC argued that any mistakes made by polling station officials while recording ballots was not an attempt to subvert democracy, and there were insufficient grounds for the court to overturn the result.

Despite the legal challenge, Mr Mahama was inaugurated in January.

Sidney Yankson attends Ghana – China Friendship Day, Accra, Ghana, 23rd August 2013

Sidney Yankson recently attended the Ghana-China Friendship Association (“GHACHIFA”) in Accra, Ghana held at Teacher’s Hall, Accra.

The keynote speaker, H.E. Victor Gbeho, president of ECOWAS and Ghana’s former Foreign Minister, gave a detailed review of the history and context of the Ghana-China relationships over more than five decades.

The Chinese Ambassador to Ghana, H.E. Gong Jianzhong, gave a warm reply.

The other guests included the Speaker of the Parliament of Ghana The Rt. Hon. Edward Doe Adjaho, H.E. Mr. Kojo Amoo-Gottfried, President of GHACHIFA and former Ghanaian Ambassador to China, Ambassador Thomas Kwesi Quartey, Deputy Minister For Foreign Affairs And Regional Integration, as well as almost 100 officials, dignitaries, businessmen and members of the diplomatic corps.

Please click here for more information about GHACHIFA.

Indian automotive major Mahindra & Mahindra to set up assembly plant and service centre in Ghana

The plant will be built on a 9.5 acre plot in the capital city of Accra.

The move is aimed at capitalising on the massive growth in the region, with 3,500 sports utility vehicles (SUVs) and pick-ups sold in the last seven years.

Earlier this year, the Mumbai-headquartered Mahindra group had announced plans to increase its presence in African countries and grow its business by 50 per cent this year.

Accra, Ghana, is expected to be the fastest growing African city for millionaires

Ghana’s capital Accra is expected to be the fastest growing major African city for millionaires over the next eight years, according to recent research by UK-based New World Wealth.

Accra’s number of high net worth individuals (HNWI) – with net assets of US$1 million or more, excluding their primary residences – are expected grow from 800 in 2012 to 1,500 in 2020.

New World Wealth projects the growth in millionaires by using a number of variables, including economic growth in country, income distribution trends and recent HNWI growth trends in the city or country.

Africa’s fastest growing cities for millionaires (2012 – 2020)

Rank City Growth rate per annum Millionaires in 2012 Millionaires in 2020
1. Accra 8.0% 800 1,500
2. Nairobi 6.3% 5,000 8,100
3. Lagos 6.2% 9,800 15,800
4. Luanda 6.0% 2,400 3,800
5. Dar es Salaam 6.0% 1,900 3,000
6. Algiers 5.0% 2,300 3,500
7. Casablanca 4.5% 2,700 3,800
8. Durban 3.7% 2,700 3,600
9. Pretoria 3.5% 2,500 3,400
10. Johannesburg 3.4% 23,400 30,600
Only includes cities with over 800 millionaires in 2012.

Caribbean bank buys significant stake in Ghana based HFC Bank

Republic Bank (RepBank) – an independent Caribbean lender headquartered in Trinidad and Tobago, an island country off the coast of Venezuela – recently bought a significant stake in Ghana-based HFC Bank.

RepBank initially purchased an 8.9% stake in HFC in December 2012, and recently increased its shareholding to 32.02% following the acquisition of shares previously held by private equity firm Abraaj Group. The deal makes RepBank the largest single shareholder in HFC.

HFC was formed in 1990, listing on the Ghana Stock Exchange in 1995. The bank existed as an independent mortgage finance institution until 2003, when it expanded into universal banking, providing a wide variety of financial services. HFC currently has 27 branches across Ghana, and is working to expand its reach.

But why would RepBank be interested to own a part of a Ghanaian financial institution? It seems that some of its clients in the Caribbean are eager to do business in Africa.

“Africa, and in particular Ghana, has been a key growth area for international business, and several of our Trinidad and Tobago corporate clients have been actively exploring those markets,” commented David Dulal-Whiteway, RepBank’s managing director, in a statement released towards the end of 2012.

The Hong Kong Trade Development Council (HKTDC) says the future is Africa

The HKTDC have suggested that Africa is the future for traders, especially from Hong Kong.

Please click here for full details.


Ghana discovers new mineral reserves

Ghana has discovered new mineral occurrences in base metals such as lead, copper and zinc, the Minerals Commission announced here on Wednesday.

The minerals discovered in Nkwanta in the northern parts of the Volta Region will be further investigated to ascertain their quantum.

Opening a two-day Africa Mining Investment and Development Summit (AMIDS) 2013 here on Wednesday, Chief Executive Officer of the Minerals Commission, Benjamin Aryee said the discoveries were made in 2010 under the Mining Sector Support Program funded by the European Union (EU).

He said the discoveries were part of government efforts to diversify the country’s mineral base to ease the impact of price volatility for gold on the mining sector and the economy in general.

Food – Africa continues to attract investors

Actis has invested US$102 million into Edita Food Industries, a snack food business based in Egypt.

The company is said to be the largest independent snack food business in North Africa and apparently sells around 2.5 billion pieces of croissants, cakes and wafers per year.

According to an emailed statement by Actis, Edita’s revenues grew by an average of 21% per annum since 2009.

The Abraaj Group, a private equity firm with operations across the world, announced that it will acquire a 100% stake in Fan Milk International, one of West Africa’s largest dairy companies. Established in Ghana more than 50 years ago, Fan Milk is today one of West Africa’s top producers and distributors of frozen dairy products and juices. In addition to Ghana, the company also operates subsidiaries in Nigeria, Ivory Coast, Burkina Faso, Togo and Benin. It is estimated that Fan Milk currently sells more than 1.8 million products on a daily basis throughout West Africa.

France’s Canal + moves into Ghana’s TV market

CanalSat , a subscription digital TV service with over 125 channels and radio stations in French, has been launched in Ghana.

Canal+ Afrique, a subsidiary of Canal+ Overseas, the company that runs CANAL+ Group’s international pay-TV operations with a presence in more than 30 countries in Central and West Africa, brought the service to Ghana in a partnership with Multichoice Ghana.

The project is part of a push to expand the presence of its channels in Anglophone Africa.

Multichoice Ghana, providers of DSTV and GoTV in Ghana, has started providing CanalSat services in the West African country throughout its distribution outlets starting from May 15.

John Timothee, the director of sales, partnership and development for Canal Plus Africa said: “For over 20 years CANAL+ has been providing pay-TV service in Africa.

“We are passionate about our coverage because we want television viewers to see the world in a different view.”

Canal+ must have channels, he said, included: Les Chaines Canal+, that packages five premium channels featuring exclusive and box office movies, sports programmes, original series, documentaries and entertainment.

It also have over 90 French and international channels covering all topics such as movies, sports, youth, discovery, entertainment, music, news, and topics of general interest.

Ghana is an English speaking country but its neighbours use French as their official language.

Timothee said the “desire of the (Ghana) population to learn the French language, as well the stable political atmosphere and conducive business environment, the country was the best placed to introduce the Canal+ service.”

Before the introduction of the service Canal+ channels in Ghana had relied on external agents from Francophone nations in West Africa to subscribe to the service locally.

“Multichoice Ghana will provide Canal+ channels’ service to the Ghanaian public the same way it renders its DSTV subscription.

“It will come as fully installed service,” said Cecil Sunkwa-Mills, general manager for Multichoice Ghana.

Sunkwa-Mills Currently said, the initial full package of the service was going for GH¢230.00 after which a subscriber will chose, which bouquet to be on for the monthly subscription.

Ghana soccer fans would have more sports including the biggest football leagues such as Ligue 1, English Premier, Spanish La Liga, Italian Serie A, UEFA Champions League, and UEFA Europa League.

Movie lovers will also have about 400 movies with a majority of exclusive premieres including all the cinematographic genres and the major events such the Oscars, and the Cannes film festival ceremonies.

French and Turkish investors explore opportunities in Ghana

French investors from various sectors will visit Ghana on May 22 to explore investment and business opportunities, a statement from the French Embassy in Accra has announced.

It described the delegation as high-level managers from 30 companies in the infrastructural, banking, technology, telecommunications, oil and construction industries and public works.

French Ambassador to Ghana, Frederic Clavier said the “delegation will discuss development opportunities in Ghana”.

The West African country is enjoying political stability and stable macroeconomic indicators, which had attracted significant foreign direct investment.

Clavier indicated that France was prepared to deepen bilateral relations with Ghana by opening new tracks, where both countries can co-operate for political, social and economic developments.

He said Ghana continued to be the trail blazer and a beacon of hope in all aspects of democratic governance, which has eluded many African nations.

Clavier said Ghana’s democratic nature enabled countries such as France to easily invest in t.

In a related development, a six-member Turkish business delegation is presently in Ghana also to discuss opportunities that exist in the construction, fertilizer and polyvinyl chloride (PVC) pipe industry for investment.

Ghana’s Trade and Industry Minister, Haruna Iddrisu assured them of government’s commitment to providing an enabling environment for foreign investors and for public-private partnerships to thrive.