A Cognisance of Green Bond Features Preferential to Renewable Energy Project Financing in Ghana

Owusu-Manu, De-Graft and Mankata, Lawrence and Edwards, D.J. and El-Gohary, Hatem and Hussain, Javed G. (2021) A Cognisance of Green Bond Features Preferential to Renewable Energy Project Financing in Ghana. IEEE Transactions on Engineering Management. pp. 1-12. ISSN 0018-9391

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Abstract

Issuance of green bonds (GBs) is valuable for developing countries because it provides a market deepening mechanism, which enables greater liquidity for investments in Renewable Energy (RE) sector. This paper is premised on the outlook for the first GB in Ghana. The study investigates the features of GBs, which investors prioritise as preferential for RE financing (REF). Employing the literature, twelve beneficial features of GBs were identified and formed the based for a questionnaire, which was handed to experts in financial institutions to complete. Data were analysed and ranked with the relative importance index and other statistical tests. The findings illustrated that low-interest rates, similar payback period, economic convenience and transparency issuance are among the top preferential features for feasible green bond rollouts in Ghana. Findings implied that akin to other worldwide cases for renewable energy financing, GBs represent a degree of flexibility, which stems from the homogeneity in their respective features. The study illustrates the specific priorities, which must be considered by potential investors. Resultantly, enabling GBs issuers to develop GB packages that suit the needs of the investment community and ultimately contribute to RE targets' achievement.

Item Type: Article
Identification Number: https://doi.org/10.1109/TEM.2021.3080630
Date: 24 June 2021
Uncontrolled Keywords: Financing, Ghana, green bonds (GBs), green bonds (GBs) features, renewable energy (RE)
Subjects: N300 Finance
Divisions: Faculty of Business, Law and Social Sciences > Birmingham City Business School > Department of Accounting, Finance and Economics
Depositing User: Javed Hussain
Date Deposited: 09 Aug 2021 08:09
Last Modified: 09 Aug 2021 08:09
URI: http://www.open-access.bcu.ac.uk/id/eprint/11845

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