Government of Ghana has declared the process to sell thermal plants belonging to the Volta River Authority (VRA) to Independent Power Producers (IPP).
According to the deputy Finance Minister Kwaku Kwarteng the move is part of measures to restructure the country’s Energy Sector for effective performance.
In February this year, President Akufo-Addo during his maiden State of the Nation Address revealed that energy sector of Ghana was heavily indebted threatening reliable power supply.
He said, efforts by former president John Mahama to solve the energy crisis that bedeviled Ghana led to a debt of over $2billion.
The president said, we have inherited a heavily indebted energy sector, with the net debt reaching 2.4 billion US dollars as at December 2016.
He added, I have to point out the alarming fact that 800 million US dollars of this debt is owed to local banks, which threatens their stability.
He said as a result, the government intends listing the VRA and the Ghana Grid Company Limited (GRIDCO) on the Stock Exchange explaining that the move was part of a national electricity master plan being developed to solve the country’s debilitating power crisis.
Mr. Kwarteng said to media on April 24, 2017 the VRA owing to government’s decision would focus on hydro generation.
Currently, VRA owes Ghana Gas Company over 350 million dollars. WAPCO has often cut gas supply to the energy generator as a result of its indebtedness to the company.
The post Gov’t of Ghana to sell VRA’s thermal plants appeared first on Ghana Live TV.
This post first appeared on Watch Gtv Ghana, Adom TV, Tune Ghana Radio GhanaLi, please read the originial post: here