Energy Expert, Kwame Jantuah has said the private sector will not have the financial capacity to manage the Electricity Company of Ghana (ECG), Volta River Authority (VRA), and the Ghana Grid Company Limited. (GRIDCo).
He also states that even if foreign investors are brought in, it will not inure to the benefit of the country because of capital flight, repatriating whatever proceeds the expat investors make to their home country.
The Asantehene, while justifying his call said that privatizing these institutions will make these institutions function as expected of them.
Speaking during the commissioning of a 430-kilometre natural gas pipeline by Genser Energy, in Kumasi on Wednesday, April 17, he said “It’s about time that the government realizes that it’s not going to work for the government to be involved in setting up companies without involving the private sector, it doesn’t work. The government should confront policies and involve the private sector and you can attract more investors into the country which will create more employment.
“VRA and others are all government establishments, let’s give it out and diversify them into the private sector and get more money there and get the right people to do it. GRIDCo and others let’s give them the money and get the qualified people, diverse government from it and let them work. Electricity Company is in a situation where we don’t know, but that also must be diversified and given to the private sector.
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“Why are we still holding on when we don’t have the money? We’re not able to collect all the taxes we want, we’re going to IMF and all those for money. We’re hanging onto industries we cannot maintain and run.”
He added “It’s about time we face reality and decide on what government should be doing and what the private sector should be doing. This is a testimony of the private sector, and they were able to attract investors.”
Speaking on the Ghana Tonight show on TV3 on Wednesday, April 17, Mr Jantuah said “Does the private sector have the wherewithal to do this? Even if you go to the banks, can banks raise the money? I remember when we discovered oil we tried to syndicate banks to raise money for exploration, were we able to do it? Let us be honest, I respect Otumfuo highly, he is my relative and I respect him but can we do it., can we trust the privatise sector? Isn’t it capital flight?
“PDS, when they came, what happened? The internationals that come to Ghana to work, do they not change the money into their currencies and take it away,? Isn’t it our local forex that they change the money away?
“We have to be sure that we have streamlined our laws, you need technical people to run technical institutions so that when the government changes those technical people are still there this issue about the president nominating everybody, that is where you get the politics in there.”