Speaking at the Financial Times Africa Summit in London this week, President Nana Addo Dankwa Akufo-Addo highlighted that his government has managed to end the erratic power situation, which earned the name "dumsor," inherited from the previous government.
Akufo-Addo noted that this was achieved over the last 21 months since he took over the office, ensuring stable power supply in the country, reports the Ghanaian Times.
Additionally, he said his administration has ensured a reduction in tariff rates, with domestic consumers enjoying tariff reductions of up to 17.5% and a 30% reduction for the 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 eight 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.
Ghana becoming an electricity exporter
He told the forum that his government has issued a 7-year and 10-year cedi-denominated bonds, 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 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 added.
The 225 kV Bolgatanga (Ghana) – Ouagadougou (Burkina Faso) Interconnection project is a trans-boundary electric power transmission line which extends over 210km of which 37 km will be in Ghana. Read more: $1.5m grant to assist Ghana’s renewable energy investment drive
The project was funded by World Bank, French Development Agency, European Investment Bank, Burkina Faso’s National Electricity Company (SONABEL) and GRIDCo at an amount of about $93.3 million.
Watch the video below as the presidents officially launched the project last week.