Energy sector debts to be cleared- Akuffo Addo

pulse-ghana admin

June 1, 2017 11:37 AM

Government put down measures to clear energy sector debts.

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The Finance Ministry has already announced plans to raise a bond worth 2.4 billion dollars to settle the debt the energy sector has accrued over the years.

Speaking at the World Development Forum in Accra on Wednesday, President Akufo-Addo disclosed that a comprehensive plan has been drawn to make the sector efficient to attract private investors.

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“My government has moved quickly to address the energy supply constraints by tackling the financial challenges of the sector as well as define a policy framework that will encourage private sector investment. We will very soon issue a 2.5 billion dollars energy sector bond to retire the legacy debt in the energy sector and create space for increase investment in the sector,” he said.The president also said he was optimistic of the ECG Private Sector Participation with the Millennium Challenge Corporation (MCC) as it would further strengthen the efficiency of power supply in the country.

“We have encouraged majority Ghanaian private sector participation in the Electricity Company of Ghana under the Millennium Challenge Account Compact with the United States government,” he said adding that the Ghanaian private investors will control the majority share.He also reiterated that government’s commitment to pursuing renewable energy sources to create clean source of power in the country.This follows a directive from the Ministry of Energy to cancel agreements with some Independent Power Producers with Ghana.

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