Africa might be considered the land of opportunities as far as investments are concerned. And while most opt for the sure thing – especially in this economic climate – a new prospect for those looking to invest in renewable/alternative energy might be found in Gambia.
Most Gambians rely heavily on fossil fuel and burning wood to meet their energy demand for basic needs like cooking, power generation, and transportation. Of course, this is devastating to the environment and unsafe as many fires can result from such use. The country held the National Energy Show and Exhibition on December 20 in an effort to educate Gambians on renewable and alternative energy technologies.
Gambia has adopted measures aimed at promoting the development and use of renewable energy sources such as solar energy for water pumps and now wants to get residents involved.
For potential investors, this could be a market that signals great returns while improving the sustainability of yet another African nation. However, in order to entice companies to invest, Gambia needs to get the ball rolling and institute a regulatory framework for the renewable energy sector and create investor incentives which can ultimately lead to employment growth and a hike in the country’s economy. Overall, it appears to be a win/win.