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
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GHANAIANS OR POLITICIANS ARE NEVER FAIR. WE WOULD NOT ALSO DO WELL SINCE WE PLANT ACRIMONY WITHIN US. SINCE FROM JANUARY 2017, GHANA HAD NOT HAD POWER OUTAGE SO WHAT OUTAGE DID THE NPP OR NANA INHERITED. WHY DO WE NOT WANT TO ACCEPT THE TRUTH CAR POWER AND AMERI DEAL RELEAVED GHANA FROM POWER OUTAGE. LET NPP ALSO DO WHAT THEY CAN TO PUSH GHANA FORWARD AND NOT CLAIM WHERE THEY HAD NOT SOWN.
As for this one de3. Ana Addo it’s President Mahama who did it. God won’t be happy with you if you fail to give credit where it is due. Don’t lie again because Ghanaians are listening
Nana this is equal to plagiarism . What do you take Ghanaians for? That we are ***barred word*** and can’t reason? Yes we voted for you because we warned change but not this kind of change. How many megawatts have you added since you became President. We know President Mahama did it for Ghana and he will come and continue.
A mendacious statement from this shortie of a President who will not give credit where credit is due. Who does he think he is f* ooling? He heaped insults on Mahama for Dumsor while Mahama was fighting to solve the problem. After Mahama solved the problem, now he is taking credit for it and attributing the solution to his government. Akuffo Addo simply has no s* hame.
What is this short chinese defacto president saying? Exporter of electricity, shame on you. May God deal with you for lying to Ghanaians that mahama was incompetent only to come and export electricity that mahama stabilized before leaving office. That's why you nearly had plan crash. May God forgive you.
JOHN MAHAMA DID NOTHING GOOD FOR GHANA. HE JUST CAME TO STEAL OUR MONEY AND WANTS TO COME AND CONTINUE WITH THE STEALING. HOW CAN YOU EXPORT SEVEN BILLION DOLLARS WORTH OF OIL AND BOOK ONLY TWO BILLION DOLLARS? WHERE IS THE FIVE BILLION DOLLARS, MAHAMA. MAHAMA DID NOTHING GOOD TO BE PRAISED.HOW CAN YOU INCREASE YOUR SALARY FROM GHC40,000 TO GHC120,000,COLLECT 3YEARS BACK PAY AND HAD THE AUDACITY TO SAY YOU WILL TEACHERS ONLY THREE MONTHS SALARY FOR THREE YEARS WORK DONE.WE HAVE NOT FORGOTTEN
Heheheheheheh. hey Kind Promise
JM bigups. You have not added 1 megawatts and u say what
I am getting impatient with all actual happenings. I still see DUMSOR in my house at Dansoman yet still Ghana has so much gas sitting at the Sankofa fields whci can flow directly to give cheap power. Please NANA ADDO let them open the valves and let the gas flow so that we can have stable and abundant electricity for the country and even export some. THIS IS FAR CHEAPER than any other source of fuel. Don't we want clean energy? I wonder the delay.
The NDC should start using this as soon as possible for campaign message. They shouldn't wait until 2020 to let Ghanaians know that their hardwork is why Ghana is exporting electricity to other countries. This visionless leaders should be booted out in 2020. Every thing this man is commissioning was done by John mahama, so what do we pay him to do since he asssumed office? He hasn't built roads, built schools nothing, all projects going on were mahama legacy. The only achievement he has is to introduce free SHS and overcrowded schools where students have their trunks and boxes outside while being bitten by bugs and mosquitoes, WHAT AN ACHIEVEMENT!