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Business News of Saturday, 22 August 2020


‘Govt no longer owes ECG, Akufo-Addo cleared everything’ – Dep Energy Minister

Deputy Energy Minister, Dr Mohammed Amin Adam play videoDeputy Energy Minister, Dr Mohammed Amin Adam

Deputy Energy Minister, Dr Mohammed Amin Adam has stressed that the government of Ghana has defrayed all accumulated debts owed the Electricity Company of Ghana (ECG) since 2008.

Speaking at the 2020 manifesto launch of the governing NPP, Dr Adam established that the exceptional management of the country’s finances by the Akufo-Addo led administration is what has brought about the servicing of all forms of debts for the period between 2008 and 2020.

“President Akufo-Addo has not only found the means to secure fuel supply over the last three years but has also cleared all government debt owed the Electricity Company of Ghana. Under the NDC government, many industries became very uncompetitive and so relocated to neighbouring countries due to the high cost of electricity. In fact, Ghana’s electricity tariff was about the highest in the sub-region but under Akufo-Addo the cost has declined,” Adam said.

He added, government has fully redeemed over $1 billion of debt accrued by Mahama’s government from the Bulk Oil Distribution Companies to sustain cash flow in the Energy Sector and avoid further accumulation of debts.

“The NPP government is the first in the history of Ghana to reduce tariffs by 11% on a net basis against an increase in tariff of 265% under the NDC government. The president has shown that he cares for Ghanaians by going the extra mile to protect the welfare of Ghanaians in his unpanelled dedication during the Covid-19 pandemic,” he touted.