President Nana Addo Dankwa Akufo-Addo says his government has ensured stability and adequate supply of power in the country, in place of the erratic power situation that it inherited. Speaking at the Financial Times Africa Summit in London on Monday, October 8, President Akufo-Addo indicated that his government has seen to the reduction in tariff rates, with domestic consumers enjoying tariff reductions of up to 17.5 per cent, and a 30 per cent 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. He added that a 7-year and 10-year cedi-denominated bonds have also been issued, totalling GH¢4.7 billion, which has 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 [Burkina] 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 said. Economic transformation Ghana’s president said the country 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. President Akufo-Addo indicated that as a relatively new entrant in the league of oil-producing countries, 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 a 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. He assured that his government will ensure that businesses are up and running, having access to 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. Source: 3news.com|Ghana]]>