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Business News of Thursday, 13 June 2019

Source: Myjoyonline.com

Domestic gas prices to drop soon - Dr Amin Adam

Amin Adam Deputy Energy Minister Deputy Minister of Energy Dr Mohammed Amin Adam

Deputy Minister of Energy, Dr Mohammed Amin Adams says domestic gas consumers may enjoy a reduction in gas prices soon.

According to him, the government is currently in talks with power producers to reduce the cost of power which will eventually mean cheaper power for industries and mining firms and a reduced rate for domestic gas users.

Dr Amin Adam said, "The Ministry of Energy has been implementing interventions in the energy sector designed to mitigate cost and ensure efficiencies including renegotiating of power purchase agreement on cost of generation, and I have to say that the honourable minister is chairing a committee that is negotiating with the independent power producers to bring the cost of generation down.

We're also recalibrating domestic gas prices. I’m also going to chair a committee negotiating with the oil and gas producers to ensure that we bring gas prices down".

Mining firms and Manufacturing companies may also be experiencing some downward adjustment in power tariffs soon if expected negotiations go well as planned.

Dr Amin Adam was speaking at the opening of the Ghana Mining and Energy Summit in Accra under the theme ‘harnessing mining and energy potential to accelerate national development.’

The issue of power tariffs continues to be a major challenge for industries including mining firms in the country despite a commitment by the government to end the intermittent supply.

This year's Mining and Energy Summit is geared towards finding a solution to some of the challenges in the mining sector as well as harnessing opportunities in the sector.

Deputy Minister of Energy Dr Amin Adam speaking on behalf of his Minister Peter Amewu assured that government has opened a discussion with the various power producers for lower tariffs for industries including the mining firms.

He said the recent review of prices of marine fuel is likely to affect mining activities.

On his part, President of the Ghana Chamber of Mines, Eric Asubonteng assured the government of close collaboration to ensure the country derives the best from the sector.