Ecobank Ghana has launched a US$ 31 million concessional financing initiative to accelerate the deployment of solar energy in Ghana, in what is seen as a growing shift toward private-sector-led climate action in West Africa.
The programme, known as the Accelerating Solar Action Programme (ASAP), is being rolled out in partnership with the Green Climate Fund (GCF), the Government of Ghana, and other institutional stakeholders.
It aims to support households, small and medium-sized enterprises, and agricultural cooperatives in adopting distributed solar photovoltaic systems.
Abena Osei-Opoku, Managing Director of Ecobank Ghana, said the launch of ASAP marked “a major step forward in Ghana’s journey toward a greener, more inclusive, and sustainable energy future.” She added that the initiative reflects the bank’s strategic pivot toward sustainability, describing it as “central to our purpose.”
Ecobank, which serves as both the Accredited and Executing Entity for the programme under the GCF framework, intends for ASAP to address longstanding barriers to clean energy adoption. These include high upfront costs, inadequate financing options, and low consumer awareness of solar alternatives.
Beyond financing, the programme will support solar vendors with capacity-building, while also strengthening Ghana’s institutional and regulatory frameworks for renewable energy. In total, Ecobank expects the initiative to reduce over 417,000 tonnes of CO? emissions, generate over 1 million megawatt-hours of clean electricity, and add 30.6 megawatts to Ghana’s installed renewable energy capacity—a 33 percent increase.
“These are not just statistics,” Osei-Opoku told the audience at Ecobank’s head office in Accra. “They represent improved lives, empowered businesses, and a country, continent, and planet protected.”
The US$ 31 million commitment will be delivered as a mix of concessional loans and technical assistance, with a sharp focus on inclusive access. The programme targets underbanked segments such as sole proprietors, women-led businesses, informal vendors, and smallholder farmers.
“To our clients—especially individuals and sole proprietors, women entrepreneurs under our Ellevate programme, SMEs, and food and agribusinesses—you are the heartbeat of this programme,” she said. “Your resilience inspires us, and we are here to support your transition to clean, reliable, and affordable energy.”
Ms. Osei-Opoku also acknowledged the Ministry of Finance, the Energy Commission, and Ghana’s National Designated Authority to the GCF for their role in facilitating the programme. “To the Green Climate Fund, thank you for your trust in Ecobank,” she added.
ASAP forms part of Ecobank’s broader sustainability strategy, which prioritizes responsible banking, climate resilience, and community empowerment. It also aligns with Ghana’s national ambition to expand renewable energy access and cut emissions in line with its commitments under the Paris Agreement.
The launch signals growing confidence in private financial institutions to deliver climate finance at scale. Ecobank’s accreditation with the Green Climate Fund gives it direct access to concessional capital, allowing for greater autonomy in programme design and deployment.
In addition to job creation—an estimated 1,800 green jobs along the solar PV value chain—Ecobank views ASAP as a blueprint for integrating climate goals with economic development. The initiative is expected to stimulate local solar manufacturing, strengthen supply chains, and help communities become more resilient to climate-related shocks.
“This is not just the launch of a programme,” said Osei-Opoku. “It is the first step of an aspiration—one that aims to accelerate solar adoption, build resilient businesses and communities, and serve as a catalyst to power Ghana’s green transition.”
The bank is calling on other financial institutions, development partners, and private investors to support similar efforts as Ghana positions itself as a regional leader in clean energy transformation.
The post Ecobank unveils climate finance drive to accelerate solar adoption appeared first on The Business & Financial Times.
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