Africa rich in Minerals but lacks financial muscle to adopt renewable energy, Ministers say

Speaking during the opening of Investment Forum for Accelerated Partnership for Renewables in Africa (APRA) in Nairobi on Monday, Energy Cabinet Secretary Opiyo Wandayi said Africa needs sustainable support through partnerships.

“The success of these efforts, however, depends on sustained public and private investment in clean energy development, manufacturing, research, and innovation”, said Wandayi.

He added that lack of finance is the biggest barrier to achieving Africa’s ambition to renewable energy.

“We must foster collaborative networks and partnerships, both within Africa and globally through the support of international partners like Denmark, Germany, the UAE, the USA, and IRENA to overcome transition challenges in APRA countries which is Kenya, Ethiopia, Namibia, Rwanda, Sierra Leone, and Zimbabwe,” added Wandayi.

At the event, Ghana’s Deputy Minister for Energy Collins Mensah stressed the lack of finance as the greatest hurdle to many African countries’ development targets.

“It is very true that many African countries lack finance to support energy programs despite having elaborate policy framework on energy, noting that there is need to utilize technology to reduce losses involved in power production,” added Mensah.

To achieve the anticipated objectives of energy transition, Mensah alluded that Africa is rich with mineral and hence the need to work together as a continent to harness the power of renewable energy.

On his part, the Director General of the International Renewable Energy Agency (IRENA), Francesco La Camera noted that they possess the knowledge, data and convening power and will support African countries on this journey.

“These outcomes are not just aspirational – they are essential to advancing Africa’s energy transition. We must ensure that this Forum leads to tangible results that directly contribute to transforming the Continent’s energy landscape. It is crucial that the conclusions we reach here lay the foundation for real progress,” Camera said.

He added that in the IRENA’s ETAF Platform, 55% of the projects received are from the sub-Saharan Africa. However, most of the projects face challenges in business development stages and never reach the stage when financiers can look at them.