President Nana Addo Dankwa Akufo-Addo
President Nana Addo Dankwa Akufo-Addo says his government has initiated a review of all the Power Agreements entered into by the previous administration.
He said he would “prioritize, renegotiate, defer or cancel outright” contracts that are not in the interest of Ghana.
Delivering his first State of the Nation Address Tuesday, the President said government has begin to develop a national electricity master plan, which will also explore the benefits of listing VRA and GRIDCO on the Stock Exchange.
In 2016 ECG, the Electricity Company of Ghana has signed about 43 Power Purchase Agreements (PPA) to improve on its performance.
Former President John Mahama allowed many of these deals including a $1 billion power deal with Early Power Limited expected to last for about two decades.
There is also the deal with Turkey-based Karpower signed with ECG in June 2014 that will add 450 megawatts of power directly to electricity grid in Ghana.
The previous National Democratic Congress (NDC) government also signed a $7 billion agreement with energy firms ENI and VITOL for the development of oil and gas off the Western Cape 3 points.
The project which is expected to begin this year will deliver up to about 170 million cubic feet of gas per day which would add 1100 megawatts of power.
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