ECG For Stock Market

The Deputy Energy Minister Dr. Mohammed Adam says the government is considering all options including possible listing of the Electricity Company of Ghana on the Ghana Stock Market in its bid to find a strategic investor.

This, he said is in sync with the government’s resolve to encourage public–private partnership in the energy sector.

Last month, the Finance Minister, Ken Ofori Atta in a letter noted that the government remains committed to private sector participation in Ghana’s energy sector and that the “Government intends to see the process through in a manner that follows due process and protects the interest of all parties.”

GGF ’19

But speaking at the opening of the 2019 edition of the Ghana Gas Forum in Accra yesterday, Dr. Adam said the government will soon advertise for partners although it cancelled its contract with Power Distribution Services (PDS).

In an address, the Deputy Energy Minister stated that there was the need “to double our gas reserves to meet our energy needs.”

“It is important to state further that our region energy demand particularly electricity will increase in future and widen the energy deficit as our economies grow, our population doubles to an estimated 2.3 billion by 2050” he said.

Dr. Adam noted that in the wake of the planned activities to ensure strong gas industry in Ghana and the sub-region, the Ministry of Energy sees the forum as an excellent platform to engage industry players and to solicit ideas and expert advice for Ghana’s policy and legislative efforts.

He stated among others that there are firm plans to expand The Atuabo Gas Processing Plant, build an offshore pipeline from Takoradi to Tema, build a 52km pipeline from Atuabo to the Ivorian border to connect with Ivorian gas network to allow exchange of gas between the two countries and the Tema-Takoradi Gas Distribution Network.

Emmanuel Anyaeto, Chief Executive of Integrated Gas and Energy Services, Los Angeles speaking on the theme Diversifying Gas Utilization In Africa, said most of the gas in Africa are exported as well as its projects.

He stated that production companies could use gas instead of electricity stating that poverty in Africa is reflected along energy utilization.

Mr. Anyaeto is sure until the use of natural gas is diversified, thee is no way poverty can be eliminated.

Senam Gbeho, Executive Secretary of the Gas Consortium said there is no doubt that gas resources if properly managed are a powerful weapon in the continent’s fight against underdevelopment and economic inequity.

He said Ghana’s gas industry has made significant strides by helping the country diversify its energy mix away from an over dependence on hydro.

The two day conference on the theme: “Towards the Optimization of Regional Gas Resources” reflects the need for promoting development policies and strategies that put the significant gas resources available in the West African sub-region at the forefront of industrialization efforts.

This year’s theme is considered timely, as it would assess the extent to which the sub-region’s gas resources can be leveraged to impact positively on the development of the African Continental Free Trade Area.

 

Story By Jeffrey De-Graft Johnson