Ghana now net exporter of electricity – President

Accra, Oct. 8, GNA – Government has ensured
reliable, quality, affordable and adequate power supply over the last 21
months, placing Ghana as a net exporter of electricity in the West African
economic bloc, President Nana Addo Dankwa Akufo-Addo has said.

Speaking at the Financial Times Africa Summit,
in London, on Monday, he said his government, over the same period, brought
down tariff rates, with domestic consumers enjoying reductions of up to 17.5%,
and a 30% reduction for industry to stimulate industrial activity for
accelerated development.

President Akufo-Addo told the gathering that
his administration had reviewed some 24 power purchase agreements, which has
led to the termination of 11 power deals and the rescheduling of 8 others,
resulting in government treasury savings of about $7 billion in excess capacity
charges over a 13-year contract period.

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.

The President indicated further that, Ghana
today had 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.

He pointed out that as a relatively new
entrant in the league of oil-producing countries, Ghana had 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.

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.

The President pointed out that Ghana had
decided to draw on its substantial iron ore and manganese deposits, situated in
the Western and Northern regions of the country, to build an integrated steel
industry to serve the needs of our country and region.

“We are seeking suitable partners for
both ventures,” he said, assuring the right climate for business growth and
development.

GNA

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