HomeIndustry SectorsFinance and PolicyGhana calls for US$1.5billion bail out

Ghana calls for US$1.5billion bail out

Ghana has issued an urgent call for US$1.5 billion to bail them out of their current energy crisis, CajnewsAfrica reported.

Ghana has recently been disconnected from Nigeria’s grid with the reason not known.

This poses a massive problem for Ghana as they are heavily dependent on Nigerian gas supply to power their electricity generators, CajnewsAfrica reported.

Volta River Authority (VRA) Head of Corporate Communications, Samuel Fletcher assured that the necessary funds would remedy the power crisis, media reported.

Fletcher said that financial stakeholders including government, banks and certain financial groups were doing their bestNational grid-ghana to ease the situation by feeding funds towards the problem, but this was not enough to keep them afloat, media reported.

‘Today if you give me $1.5 billion I’m sure we will be able to move our power system a little forward…

What we need to do is to plug your deficit, the mole which is causing the load shedding and if you can have a half a billion to fix that and another half a billion to build your reserve – 25% of your reserve…

The other half a billion dollars for fuel security’, he said.

Nicolette Pombo-van Zyl
As the Editor of ESI Africa, my passion is on sustainability and placing African countries on the international stage. I take a keen interest in the trends shaping the power & water utility market along with the projects and local innovations making headline news. Watch my short weekly video on our YouTube channel ESIAfricaTV and speak with me on what has your attention.