5^th World Summit on Renewable Energy and Resources March 13-14, 2023 Frankfurt, Germany

Biography:

I have always been concerned with poverty, not my own poverty but that of my society. This concerned led me to develop a profound fascination for the study of economics at graduate and post graduate levels, the income disparity between the developed and less developed countries in particular, and a search for a creative direction to foster the economic development of my people

Abstract:

Abstract This paper analyses the role of renewable energy, ecological footprint and institutions on economic growth (measured by per capita GDP) in Francophone Africa using the generalised method of moments (GMM). The results show that renewable energy is negatively correlated with economic growth, which is likely attributable to the high share of woody biomass in these countries. For ecological footprint, the correlation is positive and statistically significant, which links economic growth to environmental degradation. Among the institutional variables, voice and accountability, political stability and the rule of law have a positive significant effect on economic growth while governance effectiveness, regulatory quality and control of corruption are positively related but do not have a statistically significant effect.

The insignificant relationship between governance effectiveness, regulatory quality, control of corruption and economic growth implies that institutions in Francophone African countries are underdeveloped. Thus, strengthening the forms of institutions will promote growth in these countries. This study therefore contributes to the view that economic growth not only emerges with environmental degradation but that it can be improved with renewable energy and robust institutions. Consequently, it is recommended that policymakers develop policies that raise growth with a focus on improving the quality of the environment.

These policies include incorporating pollution taxes to discourage foreign companies from polluting the environment and encouraging renewable energy consumption through public investment, as well as changes in fiscal and financial policies (including carbon taxes, grants and incentives). Likewise, policies that facilitate the deployment of renewable technologies with free or low-cost installations for lowincome households should be implemented. These recommendations will aid Africa in achieving the goal of substantially increasing the share of renewable energy as foreseen under the United Nations SDG 7. Keywords Renewable Energy, Ecological Footprint, Economic Growth, Institutions JEL Classification E44, F36, G21, O15

Biography:

<span style="color: rgba(0, 0, 0, 0.87); font-family: -apple-system, BlinkMacSystemFont, " segoe="" ui",="" roboto,="" "helvetica="" neue",="" arial,="" "noto="" sans",="" sans-serif,="" "apple="" color="" emoji",="" "segoe="" ui="" symbol",="" emoji";="" font-size:="" 16px;="" background-color:="" rgba(0,="" 0,="" 0.03);"="">Yakubu Musah Muntaka finished his school at St. Peters International School early 1999s and later finished junior high school at kings International School in 2004. He completed high school from Adventist High School.He then moved further to the University of Professional Studies, Accra where he pursued his degree in Business Administration and held various leadership position as the local NUGS President

Abstract:

Renewable energy comes from renewable sources that are naturally replenished. It include sources such as solar light, wind light, marine energy, bioenergy etc.

Many world countries have relied heavy on renewable energy for energy consumption because it provide clean energy, it create job opportunities, increased affordability among others. These enormous benefits have contributed immensely to national development and Ghana is no exception.

Until the 1800s, Ghana rely heavily on wood, and stones to generate light and energy for cooking and heating, but until the early 1990s where there was a shift to fossil fuel, petroleum and natural gas been the  sources of energy.

Renewable energy will continue to be major sources of energy for a very long time in Africa and Ghana due to the excessive sunshine’s, and wind. According to the ministry of Energy in Ghana, about 25% of Ghanaians rely fully on renewable energy and expect the number to increase to about 65% in 2030 because of it efficiency and affordability.

Moreover, most African countries have now moved to renewable energy as a way to minimized air and water pollution, to keep forest safe and to reduce climate change impact. Ghana in the last two years has committed to planting trees to generate enough wind energy for consumption and to reduce climate change impact.