Investors upbeat about moves to clear energy sector debts

Investors are optimistic government will be able to clear its huge energy sector debt within the next five years.

They attribute this to the positive key indicators that are playing in the sector.

This, however, comes at a time that majority of businesses are complaining about the high power charges in the country.

President Akufo-Addo has also assured that government will clear all debts in the energy sector to bring back efficiency into the generation and distribution of electricity in the country.

The energy sector debt is estimated at 2.4 billion dollars.

The Finance Ministry is in the process to issue a  15 year bond to settle the debt.

Speaking to Citi Business News, the Chief Executive Officer of Verifair Intelligent Interface, Jeen Joshua said he is positive government will clear all outstanding energy sector debts and even export power to other neigbouring countries.

“This is what I feel because if you look at the other West African countries, the penetration of power is less than thirty percent but if you look at Ghana, almost like eighty percent of the household in Ghana has electricity. There are more of opportunities and I am sure with the way things are moving, in the next five years there will be self-sufficient power supply for this country”

“The next stage is that the country could be in a position to focus on exporting power to the rest of the West African countries,” he added.

Mr. Verifair spoke to Citi Business News at the sidelines of the inaugural ceremony of the 2^nd edition of Powerelec Ghana as well as the 1^st edition of Construct Ghana International Trade Exhibition Conference in Accra.

On his part, Deputy Minister of Trade Carlos Ahenkrah in a speech read on his behalf congratulated organisers of the conference and charged all prospective investors to make good use of the opportunity given them by the organisers.

“I welcome all prospective investors looking for opportunities to conduct business in Ghana, and in the West African Region to make good use of this excellent opportunity offered by Powerelec and Construct Ghana to network with utility managers, senior government officials and the country representatives of the other West African States who are participating in the fair” he remarked.

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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

Investors are optimistic government will be able to clear its huge energy sector debt within the next five years. They attribute this to the positive key indicators that are playing in the sector. This, however, comes at a time that majority of businesses are complaining about the high power charges in the country. President Akufo-Addo has ... Read Full Story