{"id":20521,"date":"2022-06-02T15:04:40","date_gmt":"2022-06-02T15:04:40","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/invest-in-affordable-energy-to-support-economic-growth"},"modified":"2022-06-02T15:26:51","modified_gmt":"2022-06-02T15:26:51","slug":"invest-in-affordable-energy-to-support-economic-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/invest-in-affordable-energy-to-support-economic-growth","title":{"rendered":"Invest in affordable energy to support economic growth"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Energy access is a key indicator of socio-economic development.<\/p>\n

However, despite the developmental strides made in Africa, and more specifically in Sub-Saharan Africa (SSA) over the last two decades, access to energy remains a key challenge in the African region.<\/p>\n

Per the International Energy Agency (IEA), 600 million people in SSA, and approximately 650 million in wider Africa do not have access to electricity as of 2018.<\/p>\n

This translates to a meagre electricity access rate of roughly 45 per cent throughout Africa \u2013 unfortunately, this has given credence to Africa\u2019s label as the Dark Continent.<\/p>\n

Unsurprisingly, Africa\u2019s abysmal energy access rates have a direct correlation to the continent\u2019s economic growth narrative.<\/p>\n

Economic growth in SSA, for instance, has plateaued at 2.8 per cent as of 2018 per IEA; however, South Asia, which records electricity access rates of 97 per cent has attainted growth of 7.1 per cent within the same period.<\/p>\n

While the differential arises as a result of numerous factors, access to electricity remains a key determinant.<\/p>\n

This is resultant of the catalytic effect of access to reliable electricity.<\/p>\n

Specifically, reliable electricity, and energy in general, significantly reduce the cost of doing business, unlock previously untapped economic potential thereby creating much-needed job opportunities in the process, and enable the attainment of quality and competitive health and education access.<\/p>\n

In addition, access to energy affords inclusive growth by creating opportunities for women, youth, children, and persons with disabilities.<\/p>\n

A key challenge in the effort to secure universal energy access within the African continent, and therefore propel the continent\u2019s development forward is the capital investment required.<\/p>\n

Per IEA, investments amounting to $27 billion per year would be required through 2030 to electrify the continent.<\/p>\n

Estimates from African Development Bank, however, indicate the need for even higher capital investments of up to $90 billion per year through 2025.<\/p>\n

Given the financial constraints faced by cash-strapped African governments, the significant investments required are indeed a tall order.<\/p>\n

Achieving this level of investment would require innovative efforts, including reorienting Official Development Finance, leveraging on Public-Private Partnerships, and reliance on sustainable yet affordable finance models such as the pay-as-you-go schemes being spearheaded in East Africa.<\/p>\n

In addition to the above, a key pillar to be considered in the strides to achieve universal electricity access is the implementation of policies geared at supporting utility companies within the continent.<\/p>\n

Traditionally, utility companies in Africa struggle from unsustainable debt burdens and inefficient operations that significantly increase operating costs.<\/p>\n

Transforming these utility companies into successful commercially viable ventures would require targeted policy interventions that consider the socio-economic importance of access to electricity as a basic human need and seek to inject international best practices into our utility companies.<\/p>\n

This would include reenergizing competition amongst utility companies, leveraging on regional partnerships geared at maximizing electricity capacity and investment and linking development priorities with electricity access.<\/p>\n

Karen Kandie<\/b><\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Energy access is a key indicator of socio-economic development. However, despite the developmental strides made in Africa, and more specifically in Sub-Saharan Africa (SSA) over the last two decades, access to energy remains a key challenge in the African region. Per the International Energy Agency (IEA), 600 million people in SSA, and […]<\/p>\n","protected":false},"author":84,"featured_media":20520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[233,281,283],"class_list":["post-20521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nInvest in affordable energy to support economic growth - Mozambique<\/title>\n<meta name=\"description\" content=\"Energy access is a key indicator of socio-economic development. 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