Energy Minister, Matthew Opoku Prempeh says government will no longer sign take or pay Power Purchasing Agreements.
This, the Minister explained, is to save the country an annual cost of US$586m dollars spent on unused electricity purchased for the country.
Giving an update on Ghana's Energy situation, the Minister disclosed that, "Ghana pays $586m as excess charges for electricity we didn't use but have to pay."
He further described all 40 Power Purchasing Agreements (PPAs) signed under the Mahama administration amid the power crises, between 2013 and 2015, as costly PPAs that caused power tariffs to increase by over 200 percent.
To deal with this, Dr. Mathew Opoku Prempeh revealed that 3 of these PPAs have been deferred under a renegotiated Take and Pay arrangement.
This according to him saves Ghana 1.2 billion dollars each year. "The country will therefore resort to "take and pay" agreements which will enable us pay for only used power, going forward," he emphasised.
Latest Stories
-
Bouncy castle operator cleared in tragedy that killed six
1 hour -
Scholarship with professionalism: Nurturing career-ready graduates at UPSA
1 hour -
Australian mushroom lunch cook tells trial meal was ‘special’
2 hours -
Gov’t endorses Morocco’s autonomy plan for Western Sahara
2 hours -
Karpowership Ghana partners with Navy and Forestry Commission to plant trees
2 hours -
Time with the Amazons – UBA Ghana’s Women unite for inspiration and wellness
2 hours -
Ending plastic pollution: Why Green Entrepreneurship Matters
2 hours -
World Bank U-turn ends loan ban to Uganda over gay rights
3 hours -
Kenyan author prosecuted for writing a book about president’s daughter
3 hours -
Cowboy Beyoncé dazzles nearly sold-out stadium
3 hours -
Judge threatens to remove Diddy from courtroom
3 hours -
Trump’s new ban dodges pitfalls faced by last attempt, experts say
3 hours -
Trump suspends foreign student visas at Harvard
3 hours -
Tesla shares tumble as Trump-Musk feud erupts
4 hours -
Trump and Musk enter bitter feud – and Washington buckles up
4 hours