Business News of Tuesday, 26 December 2017
The Private Enterprise Federation (PEF) has advised the government to diversify the country’s energy production.
According to PEF, it is important for government to tap into other solutions such as renewable energy to provide the private sector affordable and sustainable energy.
“We think that we are depending on one angle of energy production or two; hydro and then the thermal. We need to diversify, now everybody is going green. These are innovative mechanisms because we want to reduce the price that private sector consumers pay for energy,” Chief Executive Officer of PEF Nana Osei Bonsu said.
He argued that renewable energy will provide an opportunity to reduce the cost of electricity by a huge margin.
“With the renewable such as solar, we should be able to reduce the price from 26cents per kilowatt hour to about 10 as we create the quantum of renewable, using waste management and others to produce affordable, and sustainable energy for private sector use,” he stressed.
Nana Osei Bonsu was also positive the government can encourage the use of renewable energy if it puts in place the right policies.
“Because these are risky endeavors and unless you incentivize investors they will not go into it. Government has to put the measures in place and incentives the private sector”.
“Government can provide incentives like tax exemptions or tariffs, it could increase people’s investment,” he added.