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Business News of Wednesday, 18 August 2021

Source: thebftonline.com

Nuclear power would accelerate AfCFTA prospects – NPG Executive Director

Executive Director of Nuclear Power Ghana, Dr. Stephen Yamoah Executive Director of Nuclear Power Ghana, Dr. Stephen Yamoah

The Executive Director of Nuclear Power Ghana, Dr. Stephen Yamoah, has said that Ghana’s quest to add nuclear power to its energy mix could not have come at a better time; since the African Continental Free Trade Area (AfCFTA) has pushed governments to prioritize industrialization, and a critical feature that would guarantee success is reliable and affordable electricity.

For him, Ghana is miles ahead of its peers on the continent as significant progress has been attained in the quest to add nuclear power to complement the nation’s power generation mix.

He believes that even though Ghana has other sources of energy for electricity production, the best alternative baseload option to lead the nation to leverage the AFCTA principles and benefits is nuclear. Therefore, the setting up of Nuclear Power Ghana designated to be the eventual owner and operator of the first Nuclear Power Plant is a step that needs commendation.

Speaking at the opening ceremony of the AGI 2021 Ghana Industrial Summit and Exhibition, Dr. Yamoah said nuclear has proven globally to be a catalyst of industrial growth, and Ghana is putting in measures to ride on the back of nuclear to accelerates its Industrial Hub Agenda.

He intimated that many of the developed nations attained the highest point of their industrialization with nuclear power. “As noted, the projected benefits of AFCFTA are significant; however, how do we ensure that the long-term concrete benefits impact the lives of our private sector as the engine of growth?

“In ensuring that the objectives of AFCFTA are met, electricity will play a vital role which cannot be overlooked. While the developed nations of the world enjoy secure, uninterrupted economic power supplies, many African countries continue to experience unreliable, high-cost electricity that makes the cost of doing business extremely high and uncompetitive.

“Issues ranging from electricity pricing, transmission cost, and unavailability are crucial for industries across the sub-region and indeed the continent. Considering the options of energy sources available to us and with our government’s flagship agenda of 1D1F, the integrated aluminium industry, with value-addition to agriculture products and to transform our business sector, Ghana is set for a sufficient, reliable and affordable energy supply to support industries to leverage the AFCFTA through the Nuclear Power Programme,” Dr. Yamoah said.

He used the occasion to urge the AGI and industries to plan and effectively take the necessary steps that will ensure they are adequately prepared and ready to maximize opportunities of the nuclear industry, as Nuclear Power Ghana is ready to assist and engage.

This year’s Summit is on the theme ‘Repositioning Ghanaian Industries to Leverage the AFCFTA’.