Economic transformation cannot be achieved without electricity – World Bank warns
The World Bank has told sub-Sahara African countries inclduing Ghana that without access to electricity, the region cannot experience the expected economic transformation and development aspirations.
The World Bank notes that access to electricity is a human right and also crucial for development.
To that end, the World Bank says, together with the African Development Bank (AfDB), they are aiming to give power to 300 million Africans by 2030.
The Bretton Woods Institution noted that over half a billion people in Sub-Saharan Africa are at risk of being left behind without electricity access by 2030, with nearly 400 million of them living in countries subject to fragility, conflict, and violence.
The World Bank Group says it has already begun efforts to deploy innovative financial and technical solutions that are essential for accelerating electrification rates that outpace population growth.
Without access to reliable, affordable, and sustainable energy, the region will not reach its development aspirations or achieve an economic transformation that can lift millions out of poverty, the Bank noted.
The World Bank Group, development partners, private sector representatives, and country ministers have discussed what it will take to scale up the solutions and investments that will help connect millions more Africans to electricity and transform African economies.
Electricity access is a human right and crucial for development. @WorldBank Group and @AfDB_Group aim to give power to 300M Africans by 2030.
Watch the #WBGMeetings event replay to learn more: https://t.co/tjFnUVxvLU pic.twitter.com/n7PGiyJb95
— World Bank (@WorldBank) May 2, 2024
Ajay Banga, President of the World Bank Group, announced plans to ramp up electricity access for a quarter billion people in Sub-Saharan Africa, reaching nearly half the 600 million Africans currently without energy access by 2030. Akinwumi Adesina, President of the African Development Bank (AfDB), announced that AfDB will join this mission and help connect an additional 50 million people.
The first panel featured private sector representatives highlighting case studies and success stories of collaboration between the public and private sectors in delivering sustainable energy solutions across Africa.
The second panel of country ministers, IMF, and AfDB leaders discussed how to help African leaders and their development partners to address barriers to achieving energy access goals.
