Ghana faces a major money problem with its power system, Finance Minister Dr. Cassiel Ato Forson warns. He spoke about this danger at a World Bank meeting in Washington, D.C. on April 22.
The energy sector needs about $2 billion to fix its issues. This amount exceeds what Ghana spends on domestic projects nationwide. Dr. Forson says the trouble goes beyond just electricity rates. Every part of the energy supply chain needs quick changes.
The Electricity Company of Ghana could cut half the money shortage if it fixed its problems. The government has already approved bringing in private companies to help. They sent rules to lawmakers that would allow fair bidding for new power plants.
These steps aim to make the energy sector more open for everyone. Dr. Forson believes the Energy Compact program arrived at the right moment for Ghana. He stressed they must act fast to help both the economy and citizens.
His comments came shortly after Ghana reached an agreement with the International Monetary Fund. This deal should provide around $370 million to help the country recover financially.
The energy sector needs about $2 billion to fix its issues. This amount exceeds what Ghana spends on domestic projects nationwide. Dr. Forson says the trouble goes beyond just electricity rates. Every part of the energy supply chain needs quick changes.
The Electricity Company of Ghana could cut half the money shortage if it fixed its problems. The government has already approved bringing in private companies to help. They sent rules to lawmakers that would allow fair bidding for new power plants.
These steps aim to make the energy sector more open for everyone. Dr. Forson believes the Energy Compact program arrived at the right moment for Ghana. He stressed they must act fast to help both the economy and citizens.
His comments came shortly after Ghana reached an agreement with the International Monetary Fund. This deal should provide around $370 million to help the country recover financially.
