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
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Massa, Mahama did his best. It was long said that the power difficulties we faced was not a generation problem. It was simply financial, our inability to pay for gas and fuel to power the thermal plants. Give some credit to the government. we are all not daft like NDC people think.
Truly Mahama is a visionary leader. A single day he is vindicated. We must be ashamed as a nation to has voted him out.
Lets give the credit to JDM. He solved dumsor and promised Ghana will be a net exporter of power and true to his words that is what we r experiencing now. Posterity will continue to be his judge.
Haaaaa, this our president always amuses people. Net exporter of what? The last time I check, he has NOT added even a kilowatt to our generation mix. In fact, exporting power to neighboring countries, pushed the past government to sign-up all the generation agreements and brought us where we are now. As I read the piece, what kept ringing in my mind's ear was what the former President always said about the measures he is taking to make Ghana net exporter of electricity. Even with this bold decision, he was labeled incompetent. I will advise the President to also dream and put in place new things NOT the ones they labeled as incompetent moves.
What did Nana Addo? Has he added even a single unit to what Mahama left? Its sad we dont give credit where credit is due. I leave Nana Addo to his own conscience. When Mahama was working to end dumsor forever what did the NPP say?
nonsence,anyone with 110 ministers with a small country like ghana,and afriends and family govt,and a failing economy is not capable,get a life,mahama solved the energy crise b4 exiting power so the excess is what this bozo is saying
It is immensely obvious that the vision, determination and dedication of Nana is phenomenal. He is simply 'bravo'! He borrows to create wealth, dares where others will take to their heels or shy off. This is a rare assertiveness every Ghanaian should be proud and boast of. Any challenger? No challenger!