Minister for Finance, Ken Ofori-Atta, has disclosed that an investment of GH¢32.7 billion has been made by the government to ensure the consistent supply of electricity.
Presenting the 2024 budget statement in Parliament today, the Finance Minister noted that this has gone a long way to “support the growth of businesses.”
This comes after Minister for Energy, Dr. Mathew Opoku Prempeh, expressed concerns regarding a potential impact on electricity supply due to an impending shortage of gas for power generation. He attributed this issue to an over-reliance on gas plants, a departure from the historical reliance on liquid fuels for energy production.
Dr. Prempeh elaborated that the nation is currently facing a dual challenge. The shift towards a predominantly gas-based energy system has rendered the power infrastructure susceptible, such that any disruption in gas supply could trigger the shutdown of all power generation systems, resulting in a nationwide blackout.
“So that is why if people see lights out when they go out now, it is more extensive than previously because previously the liquid fuels were in the various thermal plants scattered around,” he noted.
The Energy Minister stressed the significant challenge posed by the present scenario, wherein all power systems are interconnected through a sole gas pipeline. This is a departure from the past, where multiple dispersed thermal plants were fueled by various liquid fuels.
Meanwhile, the Finance Minister notes that government has invested GH¢25.3 billion to facilitate the repositioning of the financial
sector and enhance its ability to assist business operations.
“To date, the Development Bank Ghana has facilitated GH¢1 billion in competitive financing for the private sector, and GIRSAL continues to mitigate risks in the agriculture sector,” he said.
He added that government has among others; supported 100,000 young graduates to secure workplace experience and employment by investing GH¢2.4 billion in NABCO; invested GH¢7.1 billion to build road and transport infrastructure to improve connectivity and productivity; invested GH¢541.5 million in 169 1D1F enterprises to scale-up value- addition and provided 140,000 additional jobs; and created over 2.3 million jobs in the private and public sectors (approximately 900,000 in the private sector and 1.4 million in the public
sector).