By Eunice Hilda A. Mensah
Accra, Jan 03, GNA – President Nana Akufo-Addo says his government kept the energy sector legacy debt at $2.5 billion, the same level it inherited
Delivering his final State of the Nation address in Parliament on Friday, he said his administration had also averted the US$12.5 billion debt scenario, despite the rising cost of energy production, and the global economic challenges that had unfolded during his tenure.
“The Energy Sector Recovery Programme (ESRP), developed by Government and the World Bank, projected that this debt would balloon to a staggering $12.5 billion within five years, if no decisive actions were taken. We knew that such a scenario would cripple the sector, undermine investor confidence, and plunge the nation back into darkness,” he added.
Prez Akufo-Addo noted that through tough negotiations with Independent Power Producers (IPPs), prudent financial management, and targeted interventions, his government had been able to stabilise the sector, while keeping the lights on.
” I am pleased to report that the energy sector has truly been transformed, and I am leaving office confident that the foundations we have laid will serve this nation well for generations to come.
“I am very happy to say that I leave office in 2025 with the lights on,” he said.
The President stated that Ghana had made significant progress in expanding electricity access, with electricity access rate increased to 88.85 per cent, up from the 79.3 per cent he inherited.
On renewable energy, he said notable projects completed include a four-megawatt (4MW) floating solar PV at Bui and a fifteen megawatt (15MW) solar PV at Kaleo, together with a one hundred megawatt (100MW) solar PV under construction at Bui and a mini grid Electrification Programme in Ada East had advanced efforts to reach the 10 per cent renewable energy target by 2030.
GNA