GhanaReview International - The Leading Ghanaian News Agency
London New York Accra
GRi Latest News
Wednesday 20 September 2017

2017-05-26

[N] Adom FM’s ‘Y3gye y3 sika’ demo attracts over 2,300 protesters
[N] Gun attacks in Tema not robberies – Police
[N] Family of three electrocuted at Kpone
[N] Kufuor commends Raising Readers initiative  
[N] Atuguba, Kumbour to speak at maiden revolutionary lecture series
[N] Two defiant galamseyers busted
[N] Fourteen Takoradi fire victims to be transferred to Interbeton
[N] Hajj: Fate of 452 pilgrims ‘left-behind’ in 2016 still hanging
[N] EOCO rescues seven girls
[N] Nana Addo jets off to Liberia today  
[N] Don't beg for corrupt officials - President cautions  
[N] Leaked sex tape involving two SHS students goes viral  
[N] Man shot in Wa

2017-05-24

[B] Employers’ Association proposes extension of maternity leave by 2 weeks
[B] Producer price inflation drops to 4.8%
[B] EU, GIZ to support skills development with €10.7m
[B] 6 concessionaires to start inspection of ECG assets - Ing. Owura
[N] Man grabbed over Kumasi murder
[N] End cycle of vindictive politics - Nyaho to Akufo-Addo
[N] Values of hard work and honesty fading - Chief Justice
[N] Finance Ministry gives clearance for allied health workers employment
[N] Learn from my mistakes; don’t buy tractors for farmers – Mahama to Akufo-Addo
[N] NDC foot soldiers benefit from LEAP
[N] Phone tracker leads to arrest of robber
[N] Re-arrest Delta Force 8 now - PPP
[N] CEO busted in $1.2m bribery scandal  
[N] Galamsey Queen goes ‘mad’
[N] Police issues crime alert
[N] Man kills sister-in-law
[N] BNI probes 3 Mahama appointees over $4m graft
[N] I was jailed 3 years because of Aisha Huang - Former aide
[N] MP begs Kumbuor over false ‘military galamsey’ claim
[N] Pregnant nurses protesting exam ban won't be victimized  
[N] Ghana Gas helicopters not missing – Kwabena Donkor

2017-05-23

[B] Tullow eyes new fields beyond Jubilee & TEN
[B] ECG concession: bidders reduced to 6; MIDA sets eyes on financially viable bidde
[B] Former MP demands details on the 150 investors for ‘1-district, 1-factory'
[B] We need power to turn economy around – Agyarko
[S] Akufo-Addo's changes to ECG 'sale' agreement quite impressive - PUWU
[N] Kumbuor approved military protection for Ukraine, Russia galamseyers – MP
... go Back
 
Business

[ 2017-05-23 ]

Energy Minister, Boakye Agyarko

We need power to turn economy around – Agyarko
The Minister for Energy, Boakye Agyarko has
underscored the need for the sustainable
management of the state power company to forestall
a total collapse.

He was speaking at the first Bidders’ Conference
on the concession for the Private Sector
Participation (PSP) in the electricity
distribution business of the Electricity Company
of Ghana (ECG).


The Bidders’ Conference is to facilitate
interaction between the shortlisted applicants for
the ECG Concession and potential local and
international investors.

He reminded the power sector remained central to
the development agenda of the government and “key
to unlocking the development potential of Ghana.”


But the Energy Minister lamented that “years of
inadequate investment, inefficiencies within the
utility, and a large stock of outstanding
receivables, particularly in the distribution
sector, have all conspired to weaken the
organisations in the sector to what they are
today.

As a nation, we should set our sights firmly on
turning around the fortunes of this strategic
sector which so many of us have poured our sweat
into building.”

Highlighting the negative impacts of the power
crisis, Mr. Agyarko noted that the power crisis,
per the 2013 World Bank Energising Economic Growth
in Ghana report, the 2006-07 power crisis cost
Ghana nearly 1 percent in lost GDP.

Also, the Institute of Statistical, Social and
Economic Research (ISSER), in its 2014 study on
the economy indicated that Ghana lost production
worth $2.1 million per day during the crisis.

Mr. Agyarko further noted the impact of the power
crisis on unemployment figures.

“For the government, even more critical is the
resulting loss of jobs that was precipitated by
the unreliable power to business. Recognising this
fact, President Nana Akufo-Addo, during the 2017
State of the Nation Address, warned that if left
unaddressed, the challenges in the energy sector
would collapse the Ghanaian economy.”

About the ECG PSP Transaction

The Government of Ghana signed the Ghana Power
Compact with the Millennium Challenge Corporation
(MCC), an independent United States government
foreign aid agency, on August 5, 2014.

The Ghana Power Compact provides Ghana a grant of
US$498,200,000 to improve the performance of
Ghana’s power sector to unlock the country’s
economic potential, create jobs, and reduce
poverty.

The Government of Ghana is committing at least
US$37.4 million of its own money.


The main project under the Ghana Power Compact is
the ECG Financial and Operational Turnaround
Project, which is designed to transform ECG into
an efficient and financially strong institution
through private sector participation (PSP). About
US$351 million of the MCC grant is being invested
in ECG.

The project seeks to bring about private sector
participation in investments into, as well as the
management and operation of, the ECG through a
concession arrangement.

Under the concession, a private partner will
invest in ECG and improve its operations to reduce
commercial and technical losses, reduce the
frequency and duration of outages, introduce new
equipment and technology, and reduce the
vulnerability of the distribution system to theft
and meter manipulation.

The Compact is being implemented by the Government
of Ghana through the Millennium Development
Authority (MiDA).

Source - citibsinessnews.com



... go Back

 
Add YOUR View here

Ghana Review International (GRi) is published by Micromedia Consultants Ltd. T/A MCL - a wholly Ghanaian owned news agency. GRi is an independent publication and is non-aligned to any political party or interest group, within or outside of Ghana. It is a reliable source of information for Ghanaians and non-Ghanaians alike. This magazine will be of interest to any person with an interest in Ghana, Ghanaians and Africans, wherever in the world they live. This website is the on-line arm of the publication. It contains news and reviews on Ghana and the international communities.

All pages are © Copyright Ghana Review International (GRi) 1994 - 2016