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Company News of Monday, July 15, 2019
Source: primenewsghana.com
2019-07-15
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The Ghana Industries Association (AGI) has called on the government to find a lasting solution to the energy sector's problems in order to enable the country's businesses to participate competitively in the African Continental Free Trade Area.
According to AGI, the CIPDIB's (CIPDIB) threats to shut down their plants if the debts are not paid will not be in the best interest of the country's production sector.
Although PDS released some 200 million GHC last week, AGI CEO Seth Twum Akwaboah, in an interview with Citi FM, reminded the government that any difficulties in electricity supply could have a negative impact on the industrialization of Ghana.
"I think that whatever it takes to solve these kinds of problems, we should solve it and I do not think it's beyond the government's ability to solve it. If it is to be paid for the service provided, the company can continue to provide this service even if it is not paid. So, if they are not paid, then you have to look at all the problems that arise. The idea of closing should be completely out of the question. "
Mr. Akwaboah also pointed out that if the energy issue gets out of hand, the country's ability to compete in the era of the Africa-Africa Free Trade Agreement will be affected.
"I mean, we are talking about industrialization and business growth. At present, we even have a huge opportunity and a huge challenge under the Continental Africa Free Trade Agreement. This is a huge opportunity because you have a large market on which you can export, but it is a big challenge because huge products can enter the market and compete with you. If you are not competitive in terms of electricity rates, reliability and consistency of electricity supply, you are in trouble. You will be eliminated, so at that time and age, you do not just talk about closing, no matter what it takes to solve them, let them resolve. "
Threat of stopping
Last week, independent electricity providers of independent power producers, which currently supply about 1,500 megawatts of electricity, threatened to shut down their plants if PDS failed to pay off its debts. Rising to more than $ 600 million within eight business days.
These companies included Sunon-Asogli Power (Ghana) Limited, BXC Solar Ghana, Cenit Energy Limited, Cenpower Generation Company Limited and Karpowership Ghana Company Limited.
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