Ghana’s power transmission company, GRIDCo, has been tasked to collaborate with players in the power sector value chain to deliver reliable, affordable and stable electricity in the West African nation.
Deputy Minister for Energy, Hon. Herbert Krappa, made the call during a maiden Electricity Market Conference organised by GRIDCo at Akuse in the Greater Accra Region.
The conference which was held between the 4th and 5th of April 2024 brought together key stakeholders in the energy, petroleum, communication, banking and agricultural sectors, as well as USAID, to discuss major challenges, explore innovative solutions and chart the future direction for a sustainable wholesale electricity market in Ghana.
Hon. Krappa emphasised that the timing of the conference was very significant, coming off at a time of challenges in the power sector.
He advised that conversations about reforms should be held, bearing in mind the associated risks.
“The conference should focus on the roadmap for the implementation of the capacity market. On behalf of the Minister for Energy, I assure you of the Ministry’s support, as we work with GRIDCo to keep the lights on,” he said.
In his welcome address, Ambassador Kabral Blay Amihere, the Board Chairman of GRIDCo, indicated that being the first of its kind, the Market Conference formed part of the process to enable GRIDCo to fulfil Legislative Instrument (L.I.) 1937, mandating it to establish the Ghana Wholesale Electricity Market (GWEM).
In this regard, the Board and Management are committed to implementing this law.
He added, “The timing of the Conference is very peculiar given the recent power supply challenges.”
The Board Chairman was confident that the Conference would bring stakeholders to the point of taking definite actions to operationalise the Market.
Adding his voice to that of the Board Chairman to welcome participants, the Chief Executive of GRIDCo, Ing Ebenezer Kofi Essienyi, indicated that the power sector reforms are intended to deregulate the electricity sector to pave the way for private sector participation, ultimately improving reliability, operational efficiency, drive down cost and accelerate industrialisation for national development.
Unfortunately, the reforms that started in 1994 remained incomplete, and this situation has created many challenges for the power sector which includes the high cost of electricity, poor allocation of risks and a growing energy sector debt that continues to weigh on the national budget, he said.
Ing Essienyi was hopeful that the conference “would provide a platform for engaging and dispassionate discussions on the shared vision of activating an efficient framework to deliver competitively priced electricity to our cherished customers.”
The keynote speakers for the conference included Dr Sheila Addo, Director of Policy Coordination, National Petroleum Authority (NPA); Mr Edmund Fianko, Director of Engineering, National Communications Authority (NCA); Mr Kojo Siaw Ofori-Atta, Managing Director, SSESCO-a consulting firm; Mr Joesph Oko Lartey, CEO, Central Securities Depository (CSD); Mr Robert Dowuona-Owoo, Chief Operating Officer, Ghana Commodities Exchange and Mr Sydney Tetteh, Executive Vice President, Energy and Infrastructure, Stanbic Bank.
Source: https://energynewsafrica.com
