I will introduce solar power to reduce the cost of electricity – Bawumia

Vice President, Dr. Mahamudu Bawumia has announced an initiative to introduce 2,000MW of solar power and additional wind power in Ghana's bid to alleviate the burden of high electricity costs and enhance energy self-sufficiency.

According to him, the plan aims to diversify the energy generation mix and reduce the nation's reliance on traditional sources such as oil and gas.

Addressing the ongoing challenges faced by residential, commercial, and industrial consumers with regard to the reliability and cost competitiveness of power, the Vice President emphasized the need for a strategic shift in the energy sector.

“As part of the effort to reduce the cost of living, my government will implement policies to have energy self-sufficiency at reduced cost through solar and other renewables with the application of market efficiency to the energy market.

“We will diversify the generation mix by introducing 2000MW of solar power and additional wind power through independent power producers to reduce our dependence on oil and gas by the end of my first term in office. This will significantly reduce the cost of electricity,” he said.

Speaking at UPSA on February 7, 2024, he acknowledged that previous regulatory and administrative measures fell short of achieving desired objectives, prompting the government to explore alternative solutions.

Vice President who doubles as the New Patriotic Party (NPP) flagbearer for the 2024 polls drew parallels with the success of the telecom market and outlined plans to replicate a similar model in the energy sector.

“The fact that current residential, commercial and industrial consumer’s power is still neither reliable nor cost competitive is a testament that the regulatory and administrative measures so far implemented have not fully achieved the objectives we have set for ourselves in dealing with the legacy issues we inherited.

“Therefore, like the telecom market, we shall work to bring in the efficiency of markets, and expand competition from more private sector participation in generation and retail. With reliable and cost competitive power, we will attract more manufacturing capacity into the country, create more jobs, improve services, export more products, and support,” he added.



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