Dr Theophilus Acheampong, Economist and Political Risk Analyst
UK-based Ghanaian Economist and Political Risk Analyst, Dr Theophilus Acheampong has lauded the proposition by Vice President Dr. Mahamudu Bawumia to boost the country’s energy generation with 2,000 megawatts of Solar Energy.
He described the proposal as a bold and worthy one considering the current capacity of energy generated nationwide from the various areas noting that if given the needed attention it could reduce the cost of electricity for consumers, especially industries.
Speaking on Accra-based Asempa Fm, he cited countries that have been very successful in implementing similar policies which has since benefited the enormously.
“We have seen this one work in other jurisdictions like Zambia, South Africa where the Renewable Energy Investment Programme (REIP) is being implemented. If you also take the United Arab Emirates, they have all been able to use competitive bidding for renewable energy particularly solar to bring down the cost of power to support industry. I think that it is worthy”, he disclosed.
Reiterating the significance of solar energy he said “There is one thing there that struck me and for me and I think it is quite bold. His promise is to generate 2,000 megawatts of solar power. The total generation capacity of electricity in Ghana is around 5,000 megawatts. If he says within his term of office he will add 2,000 megawatts, if you divide by what is currently being generated, it means 40% of electricity base power.
For me, I think it is instructive and important because it would allow us to reduce the cost of power. A lot of factories, other high consumers of power and households have been complaining about the cost of electricity. If indeed we can do that based on the feasibility studies of engineers but even if we can add about 300 to 500 megawatts onto our electricity grid using competitive options rather than the IPPs, where anyone can come in and sign his or her contract. This one, companies bring in their bids and the lowest bids with the best technical parameters will win”
