THERE is a direct relationship between access to energy and economic growth. That’s the view of Sandisiwe Ncemane (pictured), Coega Development Corporation (CDC) Business Development Manager: Energy Projects, reflecting on a recent Africa Development Bank (AfDB) meeting in Busan, South Korea.
“Access to energy in Africa can be accelerated by using existing initiatives to leverage synergies, overcome barriers, improve quality, reduce costs and increase impact,” said Ncemane, who attended the gathering as part of a South African delegation.
“As emphasised by the AfDB, this requires the mobilisation of diverse and innovative capital financing for the continent’s energy sector, complemented by strengthened energy policy regulation and sector governance by the various African states.”
She added that existing regional and international programmes as well as initiatives could be better utilised and coordinated to attract private sector involvement, improve continental energy access and, thereby, the prosperity through economic development prospects both on the continent and globally.
“An example of this would be the initiation of transmission inter-connection projects on the eastern and western borders of the region. This will advance the integration of the Southern African Development Community economies,” she said.
Despite the rich natural resources and advantageous natural conditions, there is a perception that African countries have yet to be adequately mobilised across all the relevant aspects in order to position the continent as an investment location of choice for the Energy sector.
“This requires critical factors and focus areas that seek to advance the realisation of maximised benefits through energy focused frontiers.
“Included in this, is the holistic value proposition of addressing a market need positioned at affordable levels for meaningful uptake, plus an integrated configuration of legal, technical and environmental aspects, supported through capable networks and partnerships.”
She said it was imperative for Africa to incorporate Asian insights on self-reliance as well as the central role of the developmental state that prioritises investment in human capacity, while realistically factoring in elements of free-market, free-trade, strategic partnerships, and enhancing the role of the private sector.
“Whilst Africa remains well endowed with possibilities and resources for a diverse energy mix… access to energy must be accelerated. The continent needs to gain momentum through strategic collaborations and partnerships, as well as leverage the experience and learnings from recent mega infrastructure programmes,” Ncemane said.