HomeIndustry SectorsFinance and PolicyGhana: 2018 budget speech to cover electricity tariffs

Ghana: 2018 budget speech to cover electricity tariffs

President Nana Akufo-Addo. Credit: GhanaWeb

“… Government is moving to set in motion the process for the review of electricity tariffs and in the budget to be read by the Minister of Finance, Ken Ofori-Atta, I am sure you will hear some good news in this regard. Industry is going to be given all the assistance we can muster,”Akufo-Addo stated.

He highlighted the good work done by the current minister of energy, which has led to the reduction in the implementation of power rationing.

“Businesses are no longer burdened by the erratic power supply that wrecked our nation in recent years”, he said adding that ‘dumsor’ appears now to be a thing of an unlamented past, “thanks to the work done by the Minister for Energy, Boakye Agyarko.”

He added: “Indeed, our efforts at restoring business confidence are beginning to yield positive results, as confirmed by the AGI Business Barometer, showing a consistent rise in business confidence throughout this year.”

In order to rapidly accelerate the Ghanaian economy, Akufo-Addo said the country needed to create new growth poles for the development of the economy.

The President was speaking at the 6th Ghana Industry and Quality Awards, organised by the Ghana Association of Industries (AGI).

Economic development

He said: “We want to promote the installation of vehicle assembly plants and move rapidly to establish petrochemical industries now that our gas resources can be brought into play to provide cheap power for our industrial growth.”

“If the requisite investments to undertake these new industrial initiatives can be secured, the development of the economy, and its capacity to generate jobs, will be dramatically enhanced. We are going to do our maximum to secure these investments,” Akufo-Addo assured.

He also indicated that his government is designing innovative solutions to remove “one of the main constraints to rapid industrial growth – access to medium and long term finance for our industrial enterprises. Very soon, the solutions for addressing this problem will be unveiled.”

 

Featured image: Stock

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.

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