Business News of Thursday, 12 February 2015
The chairman of the newly inaugurated Ghana Infrastructure Investment Fund (GIlF) Ato Ahwoi has earmarked the deteriorating energy sector as one of their immediate task they intend to tackle in a bid to raise funds to streamline and augment it.
Ghana’s energy crisis has hit an all time low this year affecting businesses the most with stakeholders involved blaming low levels at the Akosombo Dam and lack of gas to power most of the country’s thermal plants.
Chairman of the Board Ato Ahwoi speaking at the inauguration said: “I am happy the President has deemed it necessary to appoint us as board members of the GIIF.
“All three sectors of energy are crying out for investment, talk of generation, distribution and transmission, that is what we want to do” Ato Ahwoi said.
The Volta River Authority, Ghana’s main power generator had projected about US$1.5 billion was needed to improve the country’s power generation, while President John Dramani Mahama indicated the country required to generate at least 220 megawatts every year to end the crisis.
GIlF will put money into plants that the country needs to augment its energy sector.
The potential sources of funds for GIlF includes appropriations by Parliament, including the recently increased VAT, ABFA portion for amortization and infrastructure development. Other sources include: private or public domestic and foreign funds from multilateral institutions and development banks; the capital markets (including the stock exchange); pensions and mutual funds (including social security and insurance funds.