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Business News of Friday, 28 April 2017


Akufo Addo renews plans to reduce cost of power

President Nana Addo Dankwa Akufo-Addo, has re-emphasized his government’s resolve to protect consumers from high costs of power.

He explains that though government is open to private participation in developing the energy sector, it is determined to do so within reasonable price charges.

The President made the remarks when he cut the sod for the commencement of construction of the 400-MegaWatt Bridge Power project in Tema.

“The government I lead is a natural cheer leader for the private sector but that so, within the framework for protecting the public purse,”

“I believe it is possible for the power producers to make a reasonable profit with a fair agreement that does not sink the fortunes of the country that is wholly unacceptable,” the President stressed.

Already there are plans to cap cost of power by Independent Power Producers (IPP) at 10 cents per kilowatt hour.

According to Nana Addo, his administration “shall do all we can to provide an enabling environment for the private sector to flourish but we shall also protect the public interest every inch of the way.”

The power project has been referred to as the world’s largest LPG-fired power plant.

It is being spearheaded by Early Power at an estimated $1 billion.
A unique characteristic of the plant lies in its ability to operate on LPG, natural gas, and diesel.

President Nana Addo believes this flexibility “will allow the plant to continue producing power in times of disruption in the supply of any one of the fuel types.”