The World Bank cautions that economic development is impossible without power.
Ghana and other sub-Saharan African nations have received word from the World Bank that the region cannot achieve the development goals and anticipated economic transformation without access to electricity.
According to the World Bank, having access to electricity is both essential for development and a human right.
Related Posts:
To do this, the World Bank and the African Development Bank (AfDB) say they hope to empower 300 million Africans by 2030.
Nearly 400 million of the more than half a billion people in Sub-Saharan Africa who do not have access to electricity by 2030 live in fragile, violent, and conflict-ridden nations, according to the Bretton Woods Institution.
According to the World Bank Group, efforts have already started to implement cutting-edge technical and financial solutions, which are necessary to accelerate electrification rates at a faster rate than population increase.
The Bank stated that the region cannot fulfill its development goals or undergo an economic revolution that might pull millions out of poverty without access to sustainable, cheap, and dependable electricity.
Ministers from participating countries, the World Bank Group, development partners, and members of the corporate sector have talked about what it will take to scale up the investments and solutions that will help link millions more Africans to power and revolutionize the continent’s 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
The World Bank Group President, Ajay Banga, has revealed plans to increase access to electricity for a quarter of a billion people in Sub-Saharan Africa by 2030, which will bring the number of Africans without energy to almost half of what it is presently. The African Development Bank (AfDB) president, Akinwumi Adesina, declared that the organization will support this endeavor by helping to link an extra 50 million individuals.
In the first panel, representatives of the private sector discussed case studies and successful partnerships between the public and private sectors in providing sustainable energy solutions throughout Africa.
The second panel of leaders from the IMF, AfDB, and country ministries talked about how to support African leaders and their development partners in removing obstacles to reaching targets related to energy availability.
