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UK and Ghana governments announce Green Loan for Aqua Africa's first project

The Government of Ghana has today announced the signing of its first ever Green Loan to the value of €35m. The Loan, which seeks to follow the guidelines set by the Loan Market Association Green Loan Principles (GLPs), will support the Government of Ghana to deliver water projects to rural and peri-urban communities across the Republic.

Using proven UK-designed technology and systems, the project which is to be delivered by UK based, Aqua Africa Limited will deliver clean drinking water to rural communities and small towns, and will alleviate up to 225,000 people from daily water poverty, delivering on the Government of Ghana’s policy of ‘Water for All’. The project is aligned with SDG: clean water and sanitation.

Following the signing of a supply contract between the Ministry of Sanitation and Water Resources and Aqua Africa, the Ministry of Finance has signed agreements with UK Export Finance and HSBC Bank plc to finance this project. The entry into the supply contract emphasises the Government of Ghana’s desire to be a pioneer and leader in delivering sustainable financing projects within Ghana.

HSBC has a target to mobilise USD 100 billion worth of sustainable financing and investment by 2025; and Ghana’s commitment towards combating climate change and its impact has led the Ghana Government to take a key policy decision to integrate climate action into Ghana’s national development agenda, i.e. the Co-ordinated Programme of Economic and Social Development Policies (2017-2022). The framework of this initiative has been drawn from the Paris Agreement and SDG 13, which demands urgent action to combat climate change and its impact.

The financing of the project will enable Ghana’s Ministry of Sanitation and Water Resources, in partnership with Aqua Africa Limited and the Community Water and Sanitation Agency, to install and maintain point source and piped water systems to rural and peri-urban communities and secure revenue income from water sales using smart metering or cashless payment systems. The project will use advanced Nano-technology filtration or other filtration methods as appropriate in contaminated water locations, as well as providing solar-powered pumping mechanisms and water piped systems either directly to small town households or community standpipe locations. This first project will deliver water to 225,000 Ghanaians across the Republic of Ghana.

Working with the Hon. Minister Mrs Cecilia Dapaah from The Ministry of Sanitation and Water Resources, alongside the Ministry of Finance, the project has been designed in partnership between Aqua Africa and the Community Water and Sanitation Agency to ensure an approach that will meet the Ghana Government’s ‘Water for All’ policy;

The Honourable Minister of Sanitation and Water Resources, Cecilia Dapaah said:

“The fulfilment of our basic human needs in our environment is essentially dependent on adequate clean water. The Government of Ghana is poised to provide Water for All. Ghana’s ‘Green Agenda’ in the context of the Sustainable Development Goals is on course with the Aqua Africa Water Project. Increasing water coverage requires a consistent investment on year to year basis since population growth and demand for water keeps increasing. That is why we welcome wholeheartedly the investment in the Aqua Africa Project.”

Ghana Investment Promotion Center’s CEO Yofi Grant said:

“It has been a great pleasure working with Aqua Africa to see this project happen. It shows the strong relationships that exist between Ghana and the UK and the collaborative effort in delivering on Ghana’s Sustainable Development Goals (SDG) agenda. Water is an essential need and the use of innovative technologies to sustainably deliver safe water to those who need it most, is imperative to ensuring a quality standard of living.”

Her Majesty’s Trade Commissioner for Africa, Emma Wade-Smith said:

“I am delighted that this project is now agreed, with the support of the Government of Ghana and UK Export Finance. This deal aligns strongly with the priorities of the Ghanaian Government around sustainability; and will have a very real and positive impact on the quality of lives of thousands of Ghanaians. I look forward to visiting once the new water systems are in place.”

Minister for Exports, Graham Stuart MP, said:

“This contract shows how UK renewable energy expertise is making a lasting and real difference to communities across the globe. We are proud to lead the world in our efforts to transition to Net Zero emissions and UKEF is backing British exporters to support other countries to meet their Paris climate goals. UKEF’s support for Aqua Africa demonstrates this government’s commitment to exporters with green credentials by ensuring they have the support needed to win international business during the Coronavirus pandemic and beyond.”

Aqua Africa’s Managing Director Philip Foster said:

“We commend the tri-partnership approach between the Government of Ghana, UKEF and the private sector in securing agreement for this vital social impact investment project that will provide access to clean water to over 225,000 Ghanaians, in support of the Water for all policy aligned with the SDG agenda. We express our thanks to the Honourable Ministers of Sanitation and Water Resources and Finance, and The Ghana Investment Promotion Centre for their trust in Aqua Africa and the project approach. We are looking forward to implementing this project and to developing the relationship that will deliver further projects that are planned to follow.”

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