Adjei added that the government would carry on to inject funding into the sector, when available, adding a major policy is to encourage the energy sector institutions to raise a substantial portion of their capital investment requirements on their own without recourse to government.
The government, therefore, requested the energy sector agencies, mainly the Volta River Authority (VRA), GRIDCO, Electricity Company of Ghana (ECG) and Tema Oil Refinery (TOR) to lift up funds from commercial loans and other private sector financing arrangements. In fact, the Ghana Stock Exchange could be another source of raising funds for these sector agencies, Adjei advised.
He disclosed that now ECG needs about $1 billion up to 2012 to maintain to upgrade and increase the distribution network to pick up reliability of power supply, as well as to increase access in both peri-urban and rural communities.
This investment programme would also wrap technical loss reduction and voltage improvement projects, revenue improvement and rural access projects.
The Minister pushed the ECG to develop its corporate governance and financial management system in turn to be able to attract financing on its own merit.
