Ghanaians will from next year begin to enjoy relatively cheap electricity prices as government is set to announce on Wednesday, a downward review of tariffs, President Akufo-Addo has announced.
He assured businesses in the country that the 2018 budget to be read Wednesday by the Finance Minister, Ken Ofori-Atta will “some good news,” adding “industry is going to be given all the assistance we can muster.”
Nana Akufo-Addo said this at the 6th Association of Ghana Industries’ Ghana Industry and Quality Awards in Accra on Saturday.
“Businesses are no longer burdened by the erratic power supply that wrecked our nation in recent years”, President Akufo-Addo said.
He said thanks to his Energy Minister, Boakye Agyarko, the erratic electricity supply experienced by Ghanaians is now a thing of the past.
The President raise concerns about the decline in industrial growth in recent years, noting “from a growth rate of 15.1% in 2008, the last year of the government of the outstanding Ghanaian statesman, His Excellency John Agyekum Kufuor, former President of the Republic, growth in industry slumped to 0.8% in 2014, -0.3% in 2015, and further down to -1.4% in 2016.”
However, he said the relative normalisation of the power situation in the country, and the implementation of our business-friendly policies, has led to a growing stabilisation of the macroeconomy, decline in inflation and interest rates.
That he said, has led to impressive growth rate of 11.5 percent in the first quarter of 2017, the highest sectorial growth in the economy.
Policies of government in the last 11 months, according to the President, have shifted the focus of Ghana’s economy from taxation to production.
He explained that has helped to reduce the cost of doing business in order to spur the rapid growth of industry.
“Indeed, our efforts at restoring business confidence are beginning to yield positive results, as confirmed by the AGI Business Barometer, showing a consistent rise in business confidence throughout this year.
“To the extent that exports guarantee foreign exchange and a stable currency, the greatest aspiration any of us could hope for is an investment in the vision of Ghana becoming an export-oriented economy, driven by industry,” he added.
In pursuit of this agenda, President Akufo-Addo revealed that 192 business plans for the 1-District-1-Factory initiative have been approved for take-off, with the AGI working closely with Government to ensure the success of this project.
This collaboration, he said, has resulted in a Suppliers Credit Facility of $2 billion from China, arranged by Government for AGI, to provide equipment, machinery and other facilities in support of the programme.