Finance Minister, Ken Ofori-Atta, promises to reduce losses and improve service quality in energy sector

Ghana’s Finance Minister, Ken Ofori-Atta says the government is hopeful that the country’s energy sector will see an improved efficiency when the ongoing reviews are completed.

Finance Minister, Ken Ofori Atta

The government is currently reviewing the take or pay clauses in power purchase agreements following the set-up of a steering committee under the Energy Sector Recovery Task Force. 

The committee is responsible for advising on Ghana’s energy sector and its long term sustainable development.

Mr Ofori-Atta announced this at a stakeholder engagement held in Accra on Monday.

He said that the government has met with representatives of the Independent Power Producers (IPPs) and Gas Suppliers (GSs) where they discussed collaboration to find solutions that result in a fair outcome for all stakeholders.

“The purpose of the Steering Committee is to take responsibility for the consultation process with the IPPs and GSs over the coming months, with the objective of ensuring a well-managed transition towards a more balanced relationship with each IPP and GS towards sustainable energy partnerships.”

He said the government was working to create a sustainable strategy for a competitive and dynamic energy sector in the long-term. When this is done Mr Ofori-Atta said private investments can thrive and the interests of the Ghanaian people and businesses will continue to flourish.

“We have made significant progress, but there is still a lot to be done. We need to act urgently but in doing so, also chart a course which is respectful and fair to our private partners,” said the Minister.

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