Authorities ought to be capable to cut back its debt of $2.5 billion owed to unbiased energy producers and fuel suppliers by the top of the yr, President John Mahama mentioned on Tuesday.
Final yr, authorities reached an settlement with unbiased energy producers to restructure legacy debt of round $1 billion as a part of efforts to take care of its general debt burden.
However arrears to service suppliers have continued to pose a problem to Ghana’s financial system since President Mahama was sworn in for a second time period as president in January.
“I am positive by subsequent yr, our companions can be comfortable as a result of we’d have dealt appropriately with the debt overhang,” President Mahama informed a discussion board in Ivory Coast.
He mentioned that state-owned utility ECG was inefficient in accumulating income and was experiencing losses of about 40%.
To have the ability to pay for electrical energy, Mahama mentioned he was bringing the personal sector into the billing course of.
“Persons are queuing up, I mentioned they need to wait. We will do expressions of curiosity,” President Mahama mentioned when requested about curiosity from personal traders.
The cupboard will determine whether or not Ghana ought to have one or a number of companions engaged on the billing, he mentioned, including that there should be native participation.
President Mahama additionally mentioned firms ought to make the most of oil and fuel extraction earlier than the world transitions to renewable power.
“Oil is in transition and so all people who has any property needs to be pumping like there is not any tomorrow … I might lay a crimson carpet to anyone who desires to drill and pump oil to take action,” he mentioned.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially signify the views or coverage of Multimedia Group Restricted.
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