Seth Terkper hints of a better Ghana

Minister of Finance, Seth Tekper says Ghanaians should not be despondent about the state of the Ghana's economy.

According to him, there's much hope that the economy will certainly improve under the Mahama administration with him (Seth Tekper) controlling the country's financial rudder.

Speaking in an exclusive studio interview with Kwami Sefa Kayi on Kokrokoo, Seth Tekper outlined several measures that his Ministry and government have designed to improve the energy sector.

He noted that the economy has been blessed with 3 trillion cubic feet of gas which will significantly help to bring the energy crises to a very minimal level.

He also stated that the government is making huge investments in the energy sector to revamp energy sector and other sectors of the economy.

“We’re a country where we have put in investments, significant investments to bring on stream 3 trillion cubic feet or more of gas in the next three to four years. That gives some hope but I think what it also assures us is that unlike the past where we have taken measures, we have tightened our belt and as we have gained under an IMF; we’re going to go into another growth phase of the economy as happened immediately after HIPC. We entered an accelerated growth phase and then we realized that our economy was still vulnerable...

“So, I think the lesson is this time round the consolidation is going to go into a growth phase, and when all these investments come on stream, we must develop policies that would help us to manage the vulnerabilities that affect the economy.”

Among the plans that the government and the Ministry have adopted are the Petroleum revenue management act and the creation of a stabilization fund; Seth Tekper added.

“Power shortage is not due only to the disruption in the West African gas pipeline. It is also due to the fact demand for power has been increasing. In fact, there is a chart for that which shows that the peak demand was equal to supply up to about 2010 and then it started opening up. So, up to about 2011, it was about 1665; that was the peak demand, and then peak supply was 1666 which is just about equal…By 2012, we saw a sudden increase in demand to 2000 against 1700 supply…There is a structural problem.”

He, therefore, assured Ghanaians of a stronger and better economy under his watch because to him, the economic situation is fast improving.

“We have reason to be hopeful. I think that some of the conditions that prevailed including even ‘dumsor’, one can agree that the situation is improving...

"“I don’t think that we should continue in the despondent condition. We should have hope…Why? Because I don’t know how many sub-Sahara African countries I can count being blessed with 3 trillion cubic feet of gas which they can exploit to generate power to improve the economy.”