Atta Yeboah Gyan
Deputy Managing Director at Fidelity Bank, Atta Yeboah Gyan, has highlighted the unique landscape Africa presents for the e-mobility revolution.
Speaking at the Electric Mobility Conference 2024 held in Accra, Mr. Gyan said, “We have a growing population, a rising demand for efficient transportation, and a pressing need for sustainable solutions to deal with climate change. E-mobility offers a promising opportunity to achieve all three objectives simultaneously,” he remarked.
Mr. Gyan acknowledged the challenges that come with adopting e-mobility on the continent, particularly the high upfront costs associated with projects.
“The fact of the matter is that currently, the high upfront costs associated with e-mobility projects remains a significant hurdle to overcome for wider adoption,” he noted.
He stressed the importance of collaborative action in overcoming these hurdles, emphasising the need for innovative funding arrangements and strategic public-private partnerships (PPPs). “Access to funding is crucial,” he declared, citing initiatives like the African Development Bank’s Sustainable Energy Fund for Africa (SEFA) as positive steps. By combining resources and expertise from the public and private sectors, we can accelerate the development of e-mobility infrastructure,” he emphasized.
Mr. Gyan also highlighted the need for financial incentives such as tax breaks and subsidies to make e-mobility more affordable and appealing. “By offering financial incentives to individuals and businesses that purchase electric vehicles, governments can make the shift towards e-mobility more affordable and appealing,” he explained.
“Fidelity Bank is deeply committed to sustainability,” declared Mr. Gyan. He highlighted several initiatives undertaken by the bank to foster a greener future. These include financing renewable energy appliances, powering Duose D/A Primary School, in the Upper West Region in an off-grid community with solar energy, and partnering with solar providers to offer customer financing.
The Electric Mobility Conference 2024 served as a valuable platform for a cross-section of stakeholders to discuss the future of transportation in Africa.
The 2-day programme was sponsored by the bank.
By Samuel Boadi