The Mainstays Of Ghana’s Sustainable Energy Development

At the core of the discussion concerning sustainable energy development are two profound agenda:Renewable Energy Expansion and Energy Efficiency Improvement.The current study provides a framework for discussing the prevailing narratives surrounding these two mainstays in the context of Ghana’s economy.Considering the complexity of the energy industry,and the challenges in understanding an often varying trend,research in this direction,by observing the facts and providing empirical analysis,will not only provide stakeholders with relevant information regarding the progression of the energy system but will also help in the formulation of cutting-edge policies for successful sustainable energy development.This thesis,while making comparisons with other countries such as Nigeria,Brazil,and China,seeks to achieve the following:first,examine the possibility of Ghana building its economy on renewable energy(RE).Second,investigate the influencing factors of renewable energy in Ghana,with the intent and purposes of implying a discussion that needs to go beyond the potentials and commitment.Third,highlight the exclusive role of education in the development of renewable energy.Fourth,analyze energy efficiency in an intertemporal manner to determine the chances of the economy being energy-efficient and the level at which such efficiency,if it occurs,can persist.Finally,suggest pertinent policies for Ghana’s renewable energy development.Based on the application of several econometric and statistical techniques,the study finds that the two main energy types in Ghana(renewable and nonrenewable energies)are substitutes,hence,transitioning to a renewable energy system is possible.However,such a transition could only be meaningful to Ghana if,and only if,the issue of cost,site(location),and scale,are dealt with.Similar findings are observed for Nigeria,and it rightfully attests to the same argument for African nations.The study also finds that renewable energy development in Ghana is mainly driven by foreign direct investment and the openness of trade,with the effect of income(real GDP per capita)being inconsequential.As expected,fossil fuel consumption undermines the development of renewable energy,and financial development interestingly has a negative impact.The study also observes an uninspiring future for renewable electricity as generation will continue to plummet if conditions remain the same.The results again suggest that the level of education in Ghana has no momentous impact on the development of renewable energy,which is understandable given the inherent problems of the education system,and its glaring disconnection from the RE industry.Concerning energy efficiency,the result speaks to the fact that energy-efficient state in Ghana has the same level of persistence as energy-inefficient state,with an average duration of approximately 1 year,2 months for both states.What’s more,the chances of the respective states persisting are relatively lower than their chances of transitioning.Analysis of the Brazilian economy shows that the realization of the national energy efficiency agenda is,to some extent,dependent on the level of substitutability between different production factors and fuel types.Finally,the replicability of China’s renewable energy environment in Ghana is moderate and can be enhanced through a broad policy overhaul,targeting institutional restructuring,energy financing,and regulatory efficiency.With empirical studies on renewable energy and energy efficiency in Ghana being sparse,this study,by virtue of the objectives and findings contributes to the existing literature.Its scientific quality is also justified considering that all of the individual studies have been peer-reviewed,with their current status already published or under review in top journals like‘Journal of Cleaner Production’,and ’Energy’.