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 coun