Ghana government invites banks, private investors into energy development

Vice President Paa Kwesi Bekoe Amissah-Arthur has extended the invitation of Ghana to banks and other private investors for partnership to develop the nation’s energy sector.

He said Government is determined to ensure a continuous supply of power and urged investors to team up with Ghana for partnership that would bring rapid improvement in the sector.

In a discussion with Mr Andrew Dell, Chief Executive Officer of HSBC Bank Plc, in Cape Town, the Vice President said Ghana have a number of success stories of public private partnership that could be replicated in the energy sector.

The discussion, held on the sidelines of the 23rd World Economic Forum, focused on a larger participation of the private sector in the strategic areas of the Ghanaian economy, to attract more direct investment for accelerated growth.

Vice President Amissah-Arthur said Ghana is working on the engagement of the private sector to reduce the huge burden of financing public projects and government debt.

He welcomed the proposed investment of the HSBC Bank into the energy sector, and advised that the resources and expertise should be used to ensure continuous power flow in the mining sector and other strategic sector for starters.

The Vice President said investors could recover their investment through use fees and urged them to do more risk investment through active involvement in the economy.

Mr Dell identified power as a great enabler of economic growth and job creation, and said the HSBC Bank had very developed knowledge in power generation.

He said the bank had done more extensive work in the Middle East, and spoke of the possibility of building a power station in Ghana.

Source: GNA