Ghana: Consumers Happy Over Drastic Drop In Fuel Prices
Consumers of petroleum products have expressed happiness over the continuous fall in prices of fuel across various filling stations in the Republic of Ghana.
Fuel prices shot up astronomically in the West African nation with diesel being sold at Gh¢23.49 per litre while petrol sold at Gh¢17.89 per litre.
The increment in fuel prices which was triggered by the weak Ghanaian cedis against major international currencies and rise in crude oil prices pushed goods and services upward.
Fuel consumers lamented over the situation due to unbearable hardships it brought on them.
Interestingly, since November fuel prices have been dropping significantly bringing some form of relief to consumers.
As of December 1, which was the first pricing window, petrol was selling at Gh¢15.41 per litre while diesel sold at Gh¢18.86.
On Friday 16th December 2022, which was the beginning of the second pricing window, most oil marketing companies adjusted their fuel prices downward due to fall of crude oil prices and the stability of the local currency, the cedi.
Leading indigenous Oil Marketing Company, GOIL, is selling petrol at Gh¢13.40 per litre while diesel is sold at Gh¢16.10 per litre.
This represents Gh¢2 drop in price of petrol while diesel price dropped by Gh¢2.79 per litre.
Shell is selling petrol at Gh¢13.49 per litre while diesel is sold at Gh¢16.49 per litre.
TotalEnergies is selling petrol at Gh¢13.40 per litre while diesel is sold at Gh¢15.85 per litre.
Petrosol is selling diesel at Gh¢13.15 per litre while petrol is being sold at Gh¢15.79 per litre.
Star Oil is selling petrol at Gh¢12.55 per litre while diesel is sold at Gh¢15.39 per litre.
Zen petroleum is selling petrol at Gh12.87 per litre while diesel is sold at Gh15.69.
Alinco oil is selling petrol at Gh¢12.40 while diesel is being sold at Gh¢15.40
Dukes petroleum is selling petrol at Gh¢12.50 per litre while diesel is sold at Gh¢15.50.
Comments monitored by energynewsafrica.com on social media platforms show consumers are happy.
Mr. Frank Asare, a banker, said he was hopeful that GH¢400 worth of fuel would now be enough for him to commute to work weekly.
“On Monday, I bought GH¢500, but I have been informed that it has been reduced and with the new rate, I am hopeful that GH¢400 will be enough for me,” he said.
Mr. Evans Kwakye, a taxi driver, said the continuous rise in fuel prices in the last few months took a heavy toll on his business, compelling him to purchase fuel on credit, which attracted interest.
“Previously I used to roam in search of passengers, but I had to join a station because I could not afford fuel. The drop in prices will help us a lot and we hope that it will drop further in the coming days,” he said.
Source: https://energynewsafrica.com
Ghana: Dr Ben Asante Elected Onto Global Gas Centre Board
A renowned Ghanaian oil and gas engineer and Chief Executive Officer (CEO) of Ghana National Gas Company, Dr Ben K.D Asante, has been elected to the board of the Global Gas Centre (GGC).
The Global Gas Centre is a non-profit organisation based in Geneva, Switzerland, and is dedicated to executives and experts of natural gas companies, sharing views and best practices in a neutral, independent and inclusive organisation.
The GGC is a unique platform to promote sustainable energy with a particular focus on issues related to the natural gas sector.
Dr Asante’s election onto the board of the Center is an indication of his expertise in the oil and gas sector and his good leadership as the Chief Executive Officer at the nation’s gas company.
Since the assumption of office in 2017, Dr Asante and the management of Ghana National Gas Company have worked hard to propel the company to its current strong and enviable level in the country and beyond.
Last Saturday in Accra, the capital of Ghana, Dr Ben K. D. Asante was adjudged CEO of the Year (Upstream) at the ninth edition of the Ghana Oil and Gas Awards.
He was given the honour for his incredible and transformative work at Ghana National Gas Company which has seen the company become the foremost service provider in the country.
For Dr Ben Asante, Ghana National Gas Company would continue to become the leading gas processing, transportation, marketing and sale of gas company in Ghana and internationally.
Source: https://energynewsafrica.com
Ghana: Transport Fares To Be Reduced By 15.3% By Monday
Transport fares in the Republic of Ghana will be reduced by 15.3 per cent effective Monday, 19th December 2022.
The Road Transport Operators communicated this on Friday, 16th December 2022 in a statement signed by the General Secretaries of GRTCC and GPRTU.
The planned reduction follows a petition by a group calling itself Association of Passengers Ghana to the Transport Ministry and Parliamentary Select Committee on Roads and Transport calling for reduction in transport fares due to the fall in fuel prices at the pump.
Fuel prices started dropping for about a month but the transport operators in Ghana did not show any sign to reduce fares to relieve Ghanaians.
“With the recent reductions in the price of petroleum products, it became necessary to engage stakeholders to consider a review of the fares in line with the administrative instrument.
“Following these negotiations and in consideration of the plight of drivers, commuters and the general public, we have resolved to reduce the existing transport fares by 15.3%,” the Road Transport Operators said in the statement.
The body made up of the biggest transport union—Ghana Private Road Transport Union (GPRTU) and the Ghana Road Transport Coordinating Council (GRTCC)—called on all drivers to “comply with the new fares and post same at their loading terminals.”
Meanwhile, the Association of Passengers Ghana is urging commuters to stay calm following statement by Road Transport Operators announcing 15.3% reduction in transport fares effective Monday, 19th December 2022.
The Association said it will issue an official statement hopefully by Monday.
Below is the full statement:
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com No Power In Ukraine’s Second City After Russian Strikes
Russia has launched another wave of air strikes at Ukraine’s energy infrastructure – leaving the country’s second city, Kharkiv, completely without power.
Kharkiv’s mayor says there’s been “colossal… destruction” of infrastructure in the city and has urged residents to be “patient.”
Two people have died in the central city of Kryvyi Rih, and another has been killed in Kherson in the south, officials said on Friday.
“About nine” power stations have been hit across the country, says Ukraine’s energy minister.
Sixty out of 76 missiles were shot down before hitting their targets, according to the head of Ukraine’s armed forces.
Russia has been targeting the Ukrainian energy grid as winter temperatures plummet – leaving millions with no power, water or heat
Meanwhile, Ukraine has accused its enemy of planning a wide-ranging ground offensive for early in the New Year – despite recent setbacks on the battlefield.
The Biden administration has condemned the new barrage of strikes from Russia into Ukraine, with National Security Council coordinator for strategic communications John Kirby saying the attacks hit “largely civilian infrastructure.”
Kirby said Russia is “again trying to put fear into the hearts of the Ukrainian people and to make it that much harder on them as winter is now upon them.”
He declined to announce any details on the next security assistance package for Ukraine, but said that there “will be another one” and that additional air defense capabilities should be expected. Conversations with Ukraine on needs continue “in lockstep.”
Kirby also announced that the first tranche of $53 million in energy-related equipment “has arrived in Ukraine coming from the United States.”
“It includes the kinds of equipment that they need to make emergency repairs,” he said, adding that “there will be more coming” to fulfill the US’ $53 million pledge.
Tesla Launches ‘Tesla Electric’ To Become An Electricity Retailer
Tesla has launched “Tesla Electric” to become an electricity retailer through its Powerwall owners – starting with some markets in Texas.
After gaining experience through its virtual power plants (VPPs), Tesla is taking things a step further with the launch of “Tesla Electric.”
Instead of reacting to specific “events” and providing services to your local electric utilities, like Tesla Powerwall owners have done in VPPs in California, Tesla Electric is actively and automatically buying and selling electricity for Tesla Powerwall owners – providing a buffer against peak prices.
It’s a special electric plan for Powerwall owners.
“Solar and Powerwall can help you and your community accelerates the transition to sustainable energy. With Tesla Electric, your Powerwall automatically decides when to charge and when to sell electricity to the grid. Together with other Tesla Electric members, you can maximize the value of your solar energy while using your Powerwall storage to add more renewable electricity to the grid. You can also achieve your own sustainability goals when importing electricity from the grid, as Tesla Electric offsets your usage with energy from 100 percent renewable sources,” Tesla wrote on its website.
The company notes that Tesla Electric’s retail plan is currently only available by invitation to select customers in Texas.
Tesla has been working on this new product for a while now, and it is a big step toward the company’s goal to become a “global distributed clean electric utility,” and it is starting in Texas, a place that badly needs an electric utility revolution.
In May, there was a report in the media that Tesla was lobbying for any homeowner with solar and batteries to participate in Texas’s energy market.
The company was asking for a rule change with the Electric Reliability Council of Texas (ERCOT), an organization operating Texas’s electrical grid, that would enable electric utilities with customers with behind-the-meter solar and batteries, meaning people with residential solar, to bid on the extra capacity.
Earlier this week, we reported that Tesla received approval from ERCOT for “a statewide market design pilot for small distributed energy resources to provide grid service exports.”
Kenya: EPRA Announces New Fuel Prices
Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has announced new prices for fuel.
The prices of Super petrol remain unchanged and will retail at Ksh177 ($1.44), diesel at Ksh162 ($1.32) and kerosene at Ksh145.9 ($ 1.18)per litre.
The prices took take effect from midnight of December 15, 2022.
“In the period under review, the maximum allowed petroleum pump prices for Super petrol, diesel, and kerosene remain unchanged,” EPRA announced on Wednesday, December 14.
In addition, EPRA noted that the diesel price had been cross-subsidised with that of Super petrol while a subsidy of Ksh25.07 per litre was maintained for kerosene to cushion consumers from the otherwise high prices.
In Nairobi, Super petrol will retail at Ksh177.30, diesel at Ksh162.00 and kerosene will retail at Ksh145.94, while in Kisumu, Super petrol will retail at Ksh177.50, diesel at Ksh162.70, and kerosene at Ksh146.66.
In Nakuru, motorists will part with Ksh172.62 for Super petrol, Ksh161.83 for diesel and Ksh145.79 for kerosene.
Their counterparts in Eldoret will part with Ksh177.50 for Super petrol, Ksh162.72 for diesel and Ksh146.67 for kerosene.
Motorists in Mombasa will pay Ksh174.98 for Super petrol, Ksh159.76 for diesel and Ksh143.69 for kerosene.
“The government will utilise the Petroleum Development Levy to compensate oil marketing companies for the difference in cost,” EPRA affirmed.
“EPRA wishes to assure the public of its continued commitment to the observance of fair competition and protection of the interests of both consumers and investors in the energy and petroleum sectors,” EPRA Director General Daniel Kiptoo Bargoria added.
In the past months, Kenyans lamented over the high cost of fuel prices after the new administration removed the fuel subsidies put in place by retired President Uhuru Kenyatta.
President William Ruto argued that his administration would remove the subsidies that cost taxpayers billions.
“If the subsidy continues to the end of the financial year, it will cost the taxpayer Ksh280 billion, equivalent to the entire national government development budget,” Ruto stated on September 13, 2022.
Following the removal of the subsidies, the Treasury saved an estimated Ksh14.7 billion of taxpayers’ money.
Fuel prices hit an all-time high in September 2022 with Super petrol retailing at Ksh179.30 while diesel at Ksh165 and kerosene at Ksh147.94 a litre.
Some parts of the country, in September 2022, were parting with Ksh250 for a litre of petrol. The high prices were attributed to acute shortages in the country.
Source: https://energynewsafrica.com
Ghana: ECG To Close Its Offices For 4 Days
Ghana’s southern power distribution company, Electricity Company of Ghana (ECG), has announced plans to close its offices across its operational areas for four days during Christmas and New Year.
In a public notice issued on Thursday, 15th December 2022, the power distribution company said: “In observance of the statutory holidays during the Christmas and New Year Seasons, our offices will not be opened for business.
“The ECG’s offices will be closed on Monday, 26th December 2022, Tuesday, 27th December 2022, Monday, 2nd January 2023 and Monday, 9th January 2023.
“However, customers and the general public can purchase electricity credits through the ECG Mobile App (Power App), or a private vending point.
“It further advised prepaid customers to “purchase enough electricity credits to carry them through the Christmas and New Year holidays.”
Source: https://energynewsafrica.com
South Africa: Eskom Will Pursue De Ruyter’s JUST Transition Plan—Pravin Gordhan
South Africa’s Minister for Public Enterprises, Pravin Gordhan says the JUST energy transition plans developed under the immediate past CEO of Eskom, André De Ruyter, will remain in place.
De Ruyter played a pivotal role in forming the JUST Energy Transition partnership with wealthy nations.
Gordhan said that the country remains committed to reducing emissions.
The minister was speaking at a media briefing on Thursday about De Ruyter’s resignation.
De Ruyter told the media that his position had become untenable.
His resignation followed reports of Mineral Resources and Energy Minister, Gwede Mantashe, accusing Eskom of “actively agitating for the overthrow of the state” by not dealing with load shedding.
Mantashe has also been openly critical of De Ruyter’s skills which he does not believe are fit to lead the utility.
“Given recent media reports, I am, unfortunately, currently in a position where I do not regard that position as being tenable,” De Ruyter said.
Gordhan and Board Chairperson, Mpho Makwana, however, expressed their gratitude for De Ruyter’s service to the utility.
During his term, De Ruyter promoted a vision for Eskom that supported the rollout of renewables and a JUST transition.
“The plans developed under André’s leadership about the JUST energy transition remains in place, and it will continue to be implemented and the first changes as far as Komati power station is concerned … will continue to happen,” said Gordhan.
De Ruyter was pivotal to the formation of the Just Energy Transition Partnership with wealthy nations—the UK, the US, France, Germany and the EU.
The former head of the Eskom JUST Energy Transition Office, Mandy Rambharos said De Ruyter was “a very important figure” that lenders placed “credibility” on.
Alex Lenferna, secretary of the Climate Justice Coalition, pointed out that compared to past chief executives at the utility, De Ruyter was “leaps and bounds ahead” when it came to pursuing renewables.
Lenferna said that both De Ruyter and Rambharos were instrumental in getting Eskom to move toward shutting down coal-fired power stations and make way for renewables that are coupled with just transitions.
Lenferna said there is a big worry about who might replace De Ruyter and whether his successor would follow the same path.
Rambharos similarly pointed out that while renewables and the just transition are part of Eskom’s corporate strategy, a lot depends on what a new chief executive would do.
“It depends on the leadership change and whether they support our vision for the JET,” said Rambharos.
Makwana said that the board would “stay the course” of the dual strategy to maintain and service the existing fleet while improving the energy availability factor (or the performance) of the plants – all while continuing to embark on the just energy transition.
Gordhan said that the country as a whole is committed to reducing emissions – as outlined in its Nationally Determined Contribution that was presented at the UN climate conference COP26, and reaffirmed at COP27
Source: https://energynewsafrica.com
South Africa: André De Ruyter Resigns As Eskom CEO
South Africa’s state power utility Eskom CEO André de Ruyter has resigned amid a worsening power supply crisis and the fragile electricity grid.
Multiple news sources indicate that De Ruyter informed Eskom’s chairperson, Mpho Makwana, about his resignation earlier this week.
The Board Chairperson, Makwana, relayed the information to the Minister for Public Enterprises, Pravin Gordhan.
His resignation follows an attack on Eskom last week by Mineral Resources and Energy, Minister Gwede Mantashe, who said the power utility was attempting to overthrow the government by failing to end load shedding, which first started over 15 years ago.
Mantashe said Eskom was “actively agitating for the overthrow of the state” with continued implementation of load shedding.
De Ruyter was appointed CEO of Eskom in December 2019, and his tenure saw him threaten to resign early on in his stint at the power utility, and state unequivocally last year that he would not resign.
De Ruyter has faced many detractors, some of whom—such as the Black Business Council and the National Union of Metalworkers—have called for his resignation in the past.
Before joining Eskom, De Ruyter had a 30-year career spanning various sectors both locally and internationally, as well as in various roles in the energy industry.
He has experience in the management of coal, oil, chemical and gas businesses.
His departure puts further pressure on Eskom, which has already seen a slew of top talent leave and has been struggling with a dearth of much-needed critical skills such as energy generation.
In a statement on Wednesday, Business Unity South Africa (Busa) said De Ruyter’s resignation is a “major blow” to Eskom, urging the utility’s board to speedily find a replacement, even if temporarily.
“The replacement must have the skills and capability to continue all efforts to reduce load shedding, accelerate the Eskom restructure, tackle ongoing corruption and sabotage and work with business to diversify the energy generation and distribution environment, with the focus on cleaner energy,” Busa CEO Cas Coovadia said.
“While this is a blow, it is hardly surprising, given the irresponsible comments by some in govt and some other sectors,” Coovadia said.
He commended De Ruyter for his efforts in his role at Eskom under circumstances he described as unbearable.
Western Cape Premier Alan Winde said its government has requested a meeting with De Ruyter, citing that his departure triggers a “deep anxiety” about the leadership at Eskom.
“Our deepest concern has been the distinct lack of urgency and leadership on this matter…”
“We are committed to doing all that we can as a provincial government to reduce the disastrous impact that an unreliable electricity supply is having on the Western Cape…,” said Winde.
He said the province is spending R36 million over the medium term on its municipal energy resilience programme, aimed at supporting municipalities, and the private sector, to both, generate and procure their power.
In contrast, the National Union of Metalworkers of South Africa (Numsa) said energy availability has been at its worst levels under De Ruyter, saying that his resignation is long overdue.
“We demand that whoever replaces Andre De Ruyter must have an engineering background, and must also work for Eskom so that that person can understand all the technical aspects of this business,” Numsa said in a statement.
The union also called for Gordhan’s resignation, calling him an SOE wrecking ball.
“He must be replaced with someone who will not frequently violate good governance processes by interfering in the day-to-day running of SOEs,” it said.
Source: https://energynewsafrica.com
Savannah Energy Announces $1.25 Billion Purchase Of Oil Fields In South Sudan
Africa-focused British independent energy company, Savannah Energy, has announced the acquisition of producing oil fields in South Sudan from Malaysian state oil and gas company, Petronas, a move highly supported by the African Energy Chamber (AEC).
The announcement came on Dec. 12, with the acquisition having been made to the tune of $1.25 billion.
“With Savannah Energy, South Sudan will benefit with more jobs, local content, sustainable energy development, opportunities for women, and an aggressive turnaround of declining fields,” NJ Ayuk, Executive Chairman of the AEC said.
Ayuk added, “the opportunities for independent energy companies to participate in the continent’s energy future and allow Africa to bring energy to its people by making full use of its natural resources, which was highlighted during African Energy Week this year, where discussions were made supporting the presence of independents that can sustainably operate assets acquired from international supermajors.”
Having entered a Share Purchase Agreement with Petronas to procure the company’s entire oil and gas asset portfolio in South Sudan – through the acquisition of its subsidiary, Petronas Carigali Nile Limited – the completed transaction will result in Savannah Energy’s attainment of interests in three Joint Operating Companies (JOCs).
The other partners include international energy company, the China National Petroleum Corporation; India’s flagship energy major, the Oil and Natural Gas Corporation; and South Sudan’s national oil and gas company, Nilepet.
The JOCs currently operate in Blocks 3/7, 1/2/4, and 5A in South Sudan and, with a gross output of 153,000 bopd, the Petronas assets comprise interests in 64 producing fields in the East African country.
“The Transaction Consideration is expected to be financed through a combination of the enlarged Group’s available cash resources and debt,” Savannah indicated in a statement.
Subject to the approval of the Government of the Republic of South Sudan as well as Savannah Energy’s shareholders, the announcement follows the procurement by Savannah Energy of oil and gas supermajor, ExxonMobil’s, entire upstream and downstream asset portfolio in Chad and Cameroon for $407 million.
Fully committed to bringing reliable and profitable projects to Africa, Savannah Energy has been unrivaled in its commitment to African energy, with the company’s vast portfolio of renewable energy projects – as well as its impressive upstream and midstream portfolio – contributing towards its Projects that Matter Initiative, which is active in Cameroon, Chad, Niger and Nigeria.
The most recent South Sudan acquisition is set to usher in new opportunities for energy security and affordability in Africa on the back of new exploration and production drives by independents.
Ghana: Fuel Prices To Fall Significantly By December 16
The Institute for Energy Security (IES), an energy think tank in the Republic of Ghana has projected a significant fall in prices of petroleum products beginning this Friday, December 16, 2022.
According to IES, the expected price drops would be significant due to the 6.60% appreciation of the cedi against the US dollar.
It said the new prices will fall to about ¢13 and ¢16 per litre for petrol and diesel, whilst Liquefied Petroleum Gas (LPG) will go for about ¢12 per kilogram.
Even before that, some Oil Marketing Companies (OMCs) have begun reducing prices of petroleum products at the pumps.
“With the continued price falls recorded on the international market, consumers are set to see further price relief at the pumps. The Institute for Energy Security (IES) predicts that on the back of 9.02%, 8.08% and 7.38% fall in prices of Gasoline [petrol], Gasoil [diesel] and LPG respectively, the domestic OMCs outlets are set to reduce their prices further”, it explained.
World Market Price
The Global Standard & Poor’s (S&P’s) Platts averages monitored over the last pricing-window indicates that the price of petrol continue to fall, with the price in the period under review dropping by 9.02% from $838.78 per metric tonne to $763.10 per metric tonne.
Diesel price also further dropped by 8.08%, from $969.70 per metric tonne to $891.30 per metric tonne. LPG price also followed in the same direction, falling by 7.38% from $618.20 per metric tonne to $572.58 per metric tonne.
Petrol and diesel fall by 7%, 5.4% on December 1, 2022
The price reductions seen over the first half of December 2022 pegged the national average price per litre of petrol at ¢15.16 from ¢16.31, representing a 7.05% reduction over the period.
The national average price of diesel per litre moved from ¢19.86 to ¢18.78; falling by roughly 5.44%.
Source: https://energynewsafrica.com
Ghana: NEDCo’s Sustainability Is Under Serious Threat—MD
The Managing Director of the Northern Electricity Distribution Company (NEDCo), Mr Osmani Aludiba Ayuba says the company’s sustainability is under threat given the increasing rate of power theft by residents of Northern Ghana.
The company is responsible for power supply in the northern part of Ghana and ECG is responsible for the southern part of Ghana.
“Our losses in the northern area in general and Tamale, in particular, constitute an existential threat to NEDCo. Whereas the losses in the northern area hover around 45%, the case in Tamale township is around 48%. The power theft situation in Tamale, if not addressed immediately, can cause the collapse of NEDCo in the very foreseeable future,” Mr Osmani Aludiba Ayuba said during the inauguration of Special Revenue Protection Taskforce by the Energy Minister Dr Matthew Opoku Prempeh at the Gbewaa Palace in Yendi.
The members of the Taskforce are Terence Ninnang, Ali Philip, Hilda Alhassan, Abdul -Malik Hussein, Winfred Sewua, Ayishetu Ayamga, Elvis Demuyakor, John Yamoah and Alexander Otu-Larbi.
Mr Osman Ayuba revealed that the current tariff regime sells a unit of power to them at 50.28GHp/kWh, but because they sell the same unit to lifeline customers at 41.91GHp/kWh, there are making a loss of 8.37/kWh.
Mr Ayuba stated that his outfit has procured some smart pre-payment meters mainly to replace the other types that lend themselves more readily to manipulation and power theft.
The Managing Director of NEDCo said management, under the auspices of the Ministry of Energy, has constituted the Special Revenue Protection Taskforce to help collect revenue in the region.
“We have put in some pragmatic steps towards improving our overall customer-centeredness with your support and cooperation.”
The King of Dagbon, Nidan Ya Na Abubakari II commended the government for its continuous commitment to providing affordable electricity for Ghanaians.
“It is breathtaking to see the determination of the government, through your ministry, to provide affordable electricity to Ghanaians in furtherance of the government’s pledge to the Ghanaian people. The good leadership you exhibit at your ministry has sown a seed of hope and expectations of the people in government.”
The Energy Minister called for the support of the King of Dagbon to help officials of NEDCo with the installation of new pre-paid meters in Dagbon when he paid a courtesy call on him at the Gbewa Palace.
Source: https://energynewsafrica.com
Ghana: Ex-President Mahama Wants Privatisation Of ECG Back On Table
A former president of the Republic of Ghana, Mr. John Dramani Mahama, is calling on the Akufo-Addo administration to go back to the discussion table to consider privatising the Electricity Company of Ghana (ECG) to ensure efficiency in the company’s operations.
According to him, privatisation of ECG is very critical to ensure efficiency in its operations.
ECG is responsible for the distribution of power in the southern part of Ghana.
In 2014, the erstwhile John Mahama-led National Democratic Congress administration signed an agreement with Millennium Challenge Corporation (MCC), a United States Agency, for the implementation of Ghana Power Compact II.
Parts of the terms of the agreement were for ECG to be given to a concessionaire for 20 years, with the private sector participant having 80 per cent while the Ghanaian stake was 20 per cent.
After winning the 2016 General Elections and forming government in 2017, the Akufo-Addo administration, under the then Energy Minister Boakye Agyarko, restructured the stakes with the private participation (foreign) having 51 per cent while the Ghanaian stake was 41 per cent.
A Ghanaian consortium called Power Distribution Services (PDS) Limited was selected to partner with Meralco, a Philippine-based company for the deal.
However, the deal failed to go through as a result of alleged fraud.
Barely three years when the private sector participation in ECG failed, the former Ghanaian leader still believe the state power distribution company has to be privatised to inject some efficiency and improve its revenue mobilisation efforts.
Addressing participants at the ‘Leadership Series’ of the Academic City University College in Accra at the weekend, John Mahama said the privatisation of the ECG has now become critical to salvaging the company.
“It is something that we need to look at again because ECG, as the state-owned enterprise, is not able to collect its money efficiently. It needs some private sector injections,” John Mahama said.
“One of the things we need to do is to roll out prepaid meter as quickly as possible because if you have a prepaid meter, nobody will come and read your meter and bring a bill and you won’t pay and all that…”
He continued, “…And so I do believe we must still seek the privatisation of the Electricity Company of Ghana so that we can inject more investment into it because some of that money was going to provide more money for prepaid meters and also improve the efficiency of collection of bills.”
Source: https://energynewsafrica.com
Ghana: Buy Enough Credits To Avoid ‘Wahala’ During Festive Season—ECG To Consumers
Ghana’s southern power distribution company, Electricity Company of Ghana (ECG), has served notice to power customers to purchase enough credits to enable them to have power through the Christmas and New Year seasons.
In a communiqué issued by ECG titled ‘Season’s Greetings’, the ECG said: “ECG takes this opportunity to remind all our post-paid customers to pay their bills promptly to enjoy continued electricity supply during the festive season. “Prepaid customers are also advised to purchase enough electricity credits to carry them through the Christmas and New Year Seasons.
“Once again, we wish to express our profound gratitude to all our loyal customers for their support throughout the year. We kindly urge you to be conscious of your safety and be moderate in your celebrations.”
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com