President Akuffo Addo has renewed plans by his government to attract private sector investments into the country’s power sector to improve operations there. The President maintains that allowing private participation should provide the needed capital and eventually reduce the cost of power.
Already, there are plans to sell off the thermal assets of the VRA to limit the Authority’s control and management of thermal plants. Presenting the State of the Nation Address to Parliament on Thursday, February 8, 2018, Mr. Akufo Addo said,
“There is relief in some areas and I refer specifically to the spectacular improvement in our power supply program. A lot of hard work has gone into easing impair able debt situation that threatens to paralyze the energy industry. We still have problems with the cost of power and we are working to put Ghana at a competitive advantage. We intend to find private sector operatives to buy into the state-owned thermal plants and inject the capital needed to bring the power tariffs down to both domestic and commercial consumers” he said.
Meanwhile President Akufo Addo says he is optimistic renewable energy remains the ultimate option in solving the country’s power issues. “The most reliable and ultimately cheapest answer to our power lies with renewable energy sources. We shall promote and enthusiastically encourage investment and use of renewable energy”.
The energy sector has faced major power setbacks which includes frequent electricity hikes as well as constant power outages. The Finance Minister, Ken Ofori-Atta, earlier proposed an average reduction of 13 percent in electricity tariffs for residential consumers of electricity.
But the Public Utility Workers Union (PUWU) urged government to be cautious in the proposed reduction in electricity tariffs. PUWU also sought clarity on how power producing companies will cater for the cost implication of the reduction.
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