Develop power sector to rake in needed foreign exchange – Mahama tells govt

Former President John Dramani Mahama has asked the government to develop the power sector of the economy in order to generate more foreign exchange earnings.

This suggestion forms part of Mr Mahama’s ideas to the government in tackling the economic challenges.

Delivering an address on the economy at the University of Professional Studies Accra, (UPSA) on Thursday October 28, Mr Mahama said the construction of the Atuabo Gas processing led to a 61% reduction in the importation of Light Crude Oil resulting in annual savings of about $300 million per annum.

The plant also supplies about 50% of the nation’s LPG needs, reducing the need for forex to import LPG.

“Thanks to President Atta Mills of blessed memory- we would have been in a much worse place at this time if this plant had not been built,” he said.

He added “We must expand the capacity of the Ghana National Gas Company to extend its distribution pipelines.

“As a matter of urgency, there is the need to revamp the Tema Oil Refinery and ensure that the refinery processes domestic crude oil, as was started under our administration.

“This will not only help prevent fuel shortages but also reduce the demand for forex cover to import finished products significantly. Currently, about $400 million is required every month to import finished petroleum products.”

He added “Another sector we can develop to rake in much needed foreign exchange is the power sector.

“With the completion of the 330KV Kumasi- Bolgatanga line, which began in March 2016 under my administration, the country is poised to export additional power to the Sahelian Region.

“I would encourage the Government to work urgently to deploy the Ameri and other plants to enable the nation to export more power for much needed foreign exchange.”