Akufo-Addo lied over $7bn savings on renegotiated energy deals - Minority slams

The Minority in Parliament has described as false claims made by President Akufo-Addo that his administration saved the country $7 billion after it renegotiated power deals signed by the Mahama Administration.

Minority Spokesperson on Energy, Adams Mutawakilu says the claims by the president are untrue and has therefore challenged the president to provide evidence to buttress his claims.

Speaking at the Financial Times Africa Summit in London last week, the president said his government reviewed 24 power purchase agreements, which has led to some savings for the country.

The president in his address, said, “…In addition, a review of 24 power purchase agreements, which has led to the termination of 11 power deals and the rescheduling of 8 others, has enabled us to save the government treasury about $7 billion in excess capacity charges over a 13-year contract period.’’

The president further indicated that his administration through diligence issued 7-year and 10-year cedi-denominated bonds, totalling GH¢4.7 billion, which have allowed the state to pay half of the energy debt it took over from the previous administration.

But the Minority reacting to the president at a press conference said, “They know the sub-region, Mali, Burkina Faso, Niger, Togo, will prefer to take power from Ghana and you can only provide power to them if you have excess capacity… That is why president Mahama invested heavily in the installed capacity.

“..So if president Nana Akufo-Addo comes and says he has renegotiated eight and cancelled 11, the first question is for him to make public the 11 cancelled power purchasing agreement and the eight that has been rescheduled so that Ghanaians including civil society organisation and the minority in Parliament will have the opportunity to scrutinize it.

“You can’t be talking about savings without talking about the potential benefits. If we exploit this market and can put this power into use by exporting it I believe we will earn more.