The President of the Republic, Nana Addo Dankwa Akufo-Addo, says his government, over the last 21 months, has ensured stability and adequate supply of power in the country, in the place of the erratic power situation that it inherited.
Speaking at the Financial Times Africa Summit, in London, on Monday, 8th October, 2018, President Akufo-Addo indicated that his government, over the same period, has also ensured a reduction in tariff rates, with domestic consumers enjoying tariff reductions of up to 17.5%, and a 30% reduction for industry to stimulate industrial activity.
“In addition, a review of 24 power purchase agreements, which has led to the termination of 11 power deals and the rescheduling of 8 others, has enabled us to save the government treasury about $7 billion in excess capacity charges over a 13-year contract period,” the President said.
His government, he told the forum, has issued 7-year and 10-year cedi-denominated bonds, totalling GH¢4.7 billion, which have halved the $2.4 billion energy debt it inherited.
“Ghana, as a result, is today a net exporter of electricity. I was in Ouagadougou, capital of Burkina Faso, last Friday, for the inauguration, with the President of Faso, His Excellency Roch Marc Christian Kabore, of the Bolgatanga (capital of Ghana’s Upper East Region) to Ouagadougou Power Interconnection Project, which will see, daily, up to 100 megawatts of power supplied directly to Burkina Faso from Ghana,” he added.
Time for economic transformation
After 25 years of a stable and free, democratic nation, with a strengthening market economy, President Akufo-Addo indicated that Ghana, today, has the best opportunity, since independence, to undertake a deliberate and meaningful transformation of her economic structure, and set it on the road to modern development.
As a relatively new entrant in the league of oil-producing countries, President Akufo-Addo indicated that Ghana has the perfect occasion to transform the structure of her economy through industrial and value-added commercial activities.
“We are determined to use our oil revenues to create assets, not waste it on consumption and accumulate debt,” he said.
Additionally, President Akufo-Addo told the forum of his government’s desire to developing strategic industries out of Ghana’s abundant natural resources of bauxite and iron ore.
“We have established, by statute two months ago, a public commercial corporation, the Ghana Integrated Bauxite/Aluminium Development Corporation, to assemble the relevant financial resources for the full exploitation and development of the entire value chain, in Ghana, of our large bauxite deposits,” he said.
By the same token, President Akufo-Addo indicated that “we have decided to exploit our substantial iron ore and manganese deposits, situated in the Western and Northern regions of our country, to build an integrated steel industry to serve the needs of our country and region. We are seeking suitable partners for both ventures.”
His Government, the President assured, will ensure that businesses are up and running, having access to the capital, and, at the same time, maintain macro-economic stability, an efficient bureaucracy, a strong adherence to the rule of law, and a fair and equitable social system in health and education provision.
Source: Peacefmonline.com
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JM will forever be the hero of visionary leadership and the champion of infrastructure!!! Under the mills - mahama leadership, I saw serious development of the cities , both in Accra and all over. Nothing is working under you Mr president!!! Rise up and make us believe in our leaders again!!!!
Thanks be to president mahama for his vision that today this short man has the audacity to export electricity to other countries. One should ask him whether he has bought any additional energy plant since he assumed office? If you have done nothing, and you are able to export electricity then how then were you and barwumia calling mahama names. Today his transformational leadership is bearing fruit, to the extent that energy is being exported. Disgraceful weed smoker. Why don't you cancel the ameri deal as well as send back the karpower to Turkey and you will see how ediot you are. God will always vindicate John mahama by exposing these bunch of hypocrites and liars.
Commissioner General President Akufo-Addo
Mahama was a waste and full of disappointment because of corruption, dumsor and failure to confront galamsey head-on.
One day we will refuse to listen to lies and allow development into our country.
@yaw Yes you are daft, hate JM for his flaws and give him credit for his good works. His regime together with that of Atta Mills invested well in the energy sector. Have you forgotten Atuabo gas, the energy sector levy which was describe as a nuisance tax only to be use as a guarantee for a bond. So if today Npp don't have to rely on gas supply from Nigeria do you give credit to the Npp. Kindly let us know what the current administration have done differently
Though i never liked JM but the way he handled dumsor and ended it, i will always respected him for that. I hope my Nana Addo also leaves a mark that will be remembered
Nana Addo must do something for us to see. it seems every good thing happening now is credit JM. Apart from Free SHS which we are extremly amazed the rest all favours Mahama. Nana is making NDC people talk much.
Thank you JM for your vision. You promised to make Ghana a net exporter of power, and you have indeed delivered. Under your leadership, Ghana was able to add more than 800 megawatts of power to the national grid. As we speak we have more than enough generational capacity to even sell some to Burkina faso. This is visionary leadership we need and not those who will use our scarce resources to fund free free things that cant generate any additional value.
All i can say is I feel sorry to have campaigned against Mahama.I wish i could reserve times. i hated him for how poor he handled corruption but Nana has disappointed more than Mahama. At least with JM we saw infrastructure developments.