The Minister of Energy and Green Transition, Mr John Abu Jinapor, has reiterated that the Electricity Company of Ghana (ECG) and Northern Electricity Distribution Company (NEDCO) are not for sale.
“Let me reiterate without equivocation that we have not taken a decision to sell ECG or NEDCo,” Mr Jinapor said during a press conference at the Seat of the Presidency in Accra, after a special Cabinet Meeting to approve the 2025 Economy Policy and Budget Statement of the Government.
He said at the last reconciliation before the Cabinet, the energy sector debt stands at over GH¢80 billion.
“ECGs receivables stand at only GH¢8 billion. And so, if ECGs were to collect all their receivables, we would still have a shortfall of more than GH¢70 billion. But what is more, the debt is ballooning and increasing,” the Minister stated.
“The infrastructure, very, very poor, and what we used to call excess capacity now appears dwindled, and we have to start preparing to increase the capacity in order to meet the demand requirements.”
He said they needed about $700 million worth of liquid fuel to fill the fuel deficit.
He said, was because their gas today was inadequate to meet their fuel requirements; and that consequently, Cabinet had approved a raft of measures aimed at tackling the situation in the medium, long, and even in the short term.
Touching on load shedding, Mr Jinapor said: “Today, let me put on record that we are not shedding load. And so, the demand by the Minority and some people that we publish a load-shedding timetable is mute.
When you are not shedding load, there will be no need to publish a load-shedding timetable.”
“In fact, as we speak, we are exporting about 300 megawatts of power outside Ghana to Burkina Faso, to Benin and to other neighboring countries.”
He said when one had enough and one was exporting power, obviously, there would be no need to publish load-shedding timetable.
He said admittedly, the system was very fragile and very weak, but they have been working around the clock to procure enough fuel and to make some payments to power suppliers to hold the system.
He said ECG was supposed to collect over GH¢2 billion, however, they collected only GH¢1.5 billion, leaving a deficit of GH¢500 million every month, which sums up to about GH¢6 billion per annum, that could not continue, which the Government must do something about.
He said the Government was determined to do something about it in partnership with local content led by private sector participation.
“And we think that that is the right way to go about it, it will be done in a competitive, transparent process, giving priority to Ghanaian entrepreneurs and Ghanaian businesses. And we believe that that will help tame the situation,” he said.
Mr Jinapor said these were some of the measures that had been considered at cabinet and that additional measures would be taken, which would make known to the public.
Source: GNA
