Ecobank Ghana Launches New Loan to Boost Green Energy for Homes and Businesses

Ecobank Ghana PLC has reaffirmed its commitment to environmental sustainability and the promotion of renewable energy with the launch of the Accelerating Solar Action Programme (ASAP).

The initiative aims to provide critical financial support to households and businesses seeking to transition to solar and green energy solutions, aligning with Ghana’s national efforts to reduce carbon emissions and enhance energy efficiency.

Speaking at the official launch of the programme, Managing Director of Ecobank Ghana, Abena Osei-Poku, announced that the bank will inject over $31 million into the programme to support solar energy adoption.

“In partnership with the Green Climate Fund, government and other key stakeholders, we are committed to deploying over $31 million in concessional financing to support households, SMEs and agricultural cooperatives in adopting sustainable energy solutions through distributed solar PV systems. “

“This initiative tackles the real barriers to clean energy access, high affront cost, limited financing options and low end-user awareness”, she said.

Under the ASAP Loan initiative, households are eligible to access loans of up to GHC 200,000, while businesses can secure financing of up to GHC 10 million. The loans come with a 15% interest rate and a repayment period of up to seven years, offering flexible terms to encourage broad participation.

The programme is expected to accelerate Ghana’s shift toward a cleaner energy mix, lower electricity costs, and promote the development of the renewable energy sector.

At the launch, the Minister of Energy and Green Transition, John Jinapor who was represented by Deputy Director of Power, Nuclear and Alternative Energy Dr. Robert Sogbadji, commended Ecobank for its timely intervention.

He called for increased private and public sector collaboration to drive Ghana’s energy transition agenda.

“We must address the critical issue of climate finance. The transition to low carbon economy requires significant investment and we must ensure that financial resources are mobilized effectively to support sustainable energy projects, this including attracting both public and private sector investment to build the infrastructure necessary for energy generation, distribution and storage across the country”, he mentioned.

Ecobank Ghana is currently accredited by the Green Climate Fund (GCF), positioning it as a key player in mobilizing climate finance and delivering sustainable energy solutions across the country.