“Invest in Renewable Energy to Help the Agricultural Sector Compete in AfCFTA”

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Private Enterprises Federation chief executive Nana Osei-Bonsu has called for more investment in renewable energy as her backlog will help agricultural companies compete in the African Continental Free Trade Agreement (AfCFTA).

In his opinion, leftovers from non-conventional use of renewable energies could be used as compost to stimulate agricultural production.

Speaking at the Private Sector Investment Forum on Climate Change in Accra, Mr. Osei-Bonsu said, “When companies try to expand their business through industrialization, they need more reliable and sustainable energy at competitive prices. The right way is to use non-conventional renewable energies like biomass, solar energy, wind energy and others. These energy sources are cheaper, more environmentally friendly, more sustainable and support the green climate initiative. “

“These energy sources and their residual compost will increase agricultural productivity, create jobs especially for young people and women, increase income for private actors and reduce the negative ecological impacts caused by human activities,” he emphasized.

The head of the climate division of the Department of Economic Strategy and Research at the Treasury Department, Adwoa Faikue, announced that $ 107 million has been approved for climate investments in Ghana.

“Ghana has submitted around 18 proposals since joining the Green Climate Fund; some also from the private and public sectors. Of the 18 proposals, nine were approved. So in total, we’ve received around $ 107 million in approval. These include the Affirmative Finance Action for Women in Africa program, Financing Climate Resilience Agricultural Practices in Ghana for Women in Agriculture, and the Ghana Share-Landscape Emission Reduction Project, ”she said.

Meanwhile, UNDP deputy resident representative Jelena Raketic said investing in climate change has the potential to create 65 million jobs.

In her opinion, renewable energies would have enormous economic benefits which, if fully developed, would benefit Ghana and the continent as a whole.

“Studies have shown that both climate protection measures will generate $ 26 trillion in economic benefits worldwide and create 65 million jobs by 2030. But the question is how do we unlock these benefits? I think apart from some political bills we really need efficient financial input, ”she said.

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