China says to build 400MW solar plant in Ghana
A report by the Global Times cites the Charge d’Affaires at the Chinese Embassy in Ghana, Zhou Youbin as saying March 19, 2015 that the Hanergy Group from China is planning to invest $1 billion to help build the plant.
Ghana’s energy crisis has deepened, leading to power rationing.
When Moody’s, the ratings agency downgraded Ghana’s credit-worthiness to B3 from B2 March 19, 2015, it indicated that growth slowdown is being exacerbated by a significant power shortage currently amounting to almost third of peak demand.
Moody’s says, therefore, it expects “a more muted fiscal consolidation path over the next two years than envisioned by the government in view of significant investment needs to resolve the power crisis, in addition to the election cycle in 2016 which has historically coincided with expenditure overruns.”
By Emmanuel K Dogbevi