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From Kate Da Costa in Accra
Ghana is to issue a $2.5 billion bond to retire the legacy debt in the energy sector, as well as stimulate private investments in the sector.
To engender competitiveness and enhance energy supply, the government also announced plans to privatise the Electricity Company of Ghana (ECG), the country’s main distributor of power. It, however, seeks more Ghanaian involvement in the soon-to-be liberalised energy sector.
The government recently reviewed existing Power Purchase Agreements (PPAs) to curb waste in the system. Its policy thrust is to move Ghana from a reliance on thermal to renewable energy.
President Nana Akufo-Addo, who made the announcement at the opening of the 2017 Development Finance Forum in Accra, also bemoaned Ghana’s infrastructural development.
According to him, Ghana’s infrastructure financing gap was estimated to stand between $3.9 and $5.5bn annually. About $40 billion was required to bridge the infrastructural gap, he added.
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