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EU,Treasury sign pact for 307 9bn/-on energy, private sector elevation

EU,Treasury sign pact for 307.9bn/-on energy, private sector elevation 17 EU,Treasury sign pact for 307.9bn/-on energy, private sector elevation ​​​​​​​THE government and the European Union (EU) yesterday signed an agreement covering six projects worth 111.5m euros, (307.9bn/-) in grants to boost the energy sector and private sector development. Financed by EU grants under the framework of the 11th European Development Fund (EDF) National Indicative Programme (NIP), the funding will help provide support in six key areas.  EU Ambassador to Tanzania, Manfredo Fanti signed for the EU and Treasury Permanent Secretary   Doto James signed for the government, whereupon he expressed gratitude for the show of support.

Opinion: GHC12b paid for power not used – The cost of NDC s pay-or-take contracts [ARTICLE]

The change in the tune from ‘dumsor’ to free electricity could not have been possible without the Finance Minister designate, Ken Ofori-Atta having not been resourceful since 2017 to 2021 to meet Ghana’s financial commitments to Independent Power Producers (IPPs). Painfully yet plainly Ghanaians had to go through ‘dumsor’ partly due to government’s inability to pay IPPs to keep the lights on. We don’t have to look further for a confirmation. Under persistent pressure in 2015, the then Deputy Power Minister, John Jinapor admitted that money was partly to blame for the excruciating power challenges Ghanaians endured. The persistent unreliable power supply was compounded by bad Power Purchase Agreements (PPAs) that saddled the nation with huge debts in the energy sector. Sadly but admittedly this avoidable energy sector debt still poses a threat to the economy for adding up to the country’s debt stock.

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