Business

Let’s invest in energy to fast-track economic growth – Prempeh

Energy Minister Mathew Opoku Prempeh has underscored the need for African economies to increase their investment in energy infrastructure to accelerate economic growth on the continent.

According to Dr Prempeh, the continent is endowed with both conventional and renewable energy sources, which, if properly harnessed, will sustainably help deal with energy demand and respond to climate change challenges.

Speaking at the 14th German-African Energy Forum on Tuesday, 1 June 2021, Dr Prempeh said those advocating clean energy should provide the needed capital and partnerships to make it possible.

He said: “Energy is a fundamental essence in our economic development. To accelerate economic growth now in COVID times, we need to start thinking differently and employing unconventional strategies and smart investments in our productive sectors of our economy”.

“Failure to do so will hamper our economic and social growth and increase our vulnerability. Access to increased affordable and reliable energy sources is the fulcrum to economic transformation of the African continent and key to unlocking our development potential”, he noted.

Dr Prempeh continued: “In order to achieve this there ought to be increased investment to provide requisite energy infrastructure, reliable and availability of services to the social and productive sectors”.

“The affront cost or capital investment for energy infrastructure coupled with the limited access to infrastructure coupled with the limited access to funding has inhibited the progressive development of these physical facilities”.

“We, therefore, need to adopt a collaborative and innovative financing mechanism as a response to these challenges”, he added.

“If we in Africa are being told to move in the direction of our economic and progressive development through clean, green energy, then those who are speaking like that should provide the needed capital and partnerships to make it possible.”

Source: classfmonline.com

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