The 9th Forum of the ECOWAS Regional Electricity Regulatory Authority (ERERA) opened on July 24, 2024, in Accra, Ghana with a resounding call for increased regional cooperation to address the complex challenges of electricity trade security in West Africa.
High-level officials, industry experts, and international partners are gathered to discuss the theme, “Electricity Trade Security in ECOWAS Region: The Interplay Between National Policies and Free Market Principles.”
In his keynote address, the Minister of State at the Ministry of Energy, Ghana, Mr. Herbert Krapa, emphasized the critical role of energy security in the region’s development.
He stated, “Energy security has become a central theme in all geo-political debates due to its critical role in shaping the economic, political, and strategic interests of nations.
“For West Africa, harnessing its energy resources effectively is crucial for domestic development but also for our role in global energy markets.”
Mr Krapa highlighted the importance of international relations in attracting investments, saying, “Political stability, robust diplomatic relations, and transparent regulatory frameworks are crucial factors that attract international investors by mitigating risks and providing a predictable business environment.”
The Minister went on to discuss several key aspects of energy security in the region. He emphasized the application of free market principles in the West African electricity sector and the need to balance national energy security with regional trade benefits.
Mr Krapa also stressed the importance of harmonizing national policies and regulations to create a more cohesive regional approach.
Furthermore, he highlighted the role of technological innovations and infrastructure development in enhancing energy security, as well as strategies for attracting investments in cross-border electricity infrastructure.
Mr Krapa concluded his address by saying, “By embracing these principles, West Africa can harness its energy potential to drive economic growth, enhance regional stability, and contribute to global energy security.”
Engr. Kocou Laurent Rodrigue Tossou, Chairman of ERERA, echoed these sentiments in his address, stressing the need for a unified approach to energy challenges.
He remarked, “We must strive to be interdependent in energy supply and our actions to address future global challenges and conditions. We must work together to build infrastructure and electricity systems that adapt to all our needs.”
Engr. Tossou also addressed the current global energy crisis, stating, “We are facing increasing pressure on oil and gas prices, which also increases the cost of energy supply in our Member States and production costs for our electricity companies.
As a result, we face rising commodity supply costs and inflation, affecting our economies’ competitiveness and growth.”
Chairman Tossou reinforced the message of regional cooperation, adding: “We must collectively identify innovative financing options for our energy projects and define development objectives and policies for our countries emphasizing the energy sector.”
The forum was organized in collaboration with Ghanas Energy Commission and the Public Utilities Regulatory Commission (PURC) with the support of various partners, including the European Union, the United States Agency for International Development (USAID), the African Development Bank (AfDB), the German International Cooperation (GIZ), and the Tony Blair Institute.
Their continued commitment to the region’s energy sector development was acknowledged and appreciated by all participants.
Source: https://energynewsafrica.com