Some multinational firms have indicated that the unreliable power supply in Ghana is proving to be a huge disincentive to investment in the country.
Angela Parr, Investor Relations Manager for Golden Star Resources, a mining firm in Ghana, has had cause to warn that Ghana could be losing out to competition from other countries in investment attraction if the power crisis is not fixed.
But Trade and Industry Minister, Ekow Spio Garbrah, shares a differing opinion.
According to her, one long-term investor concerns around load shedding was that it increased the perceived risk profile of the country.
She said Ghana had enjoyed international recognition due to sound democracy, a functioning government and good infrastructure, but with issues such as load shedding, that good perception changed so people began to see Ghana as a less stable place in which to operate.
Speaking at the 3rd Ghana Economic Outlook and Business Strategy Conference on-going in Accra, yesterday, Dr. Spio Garbrah indicated that Ghana was still ahead of many African countries in terms of access to electricity.
“What some of you who are foreign investors need to know is you will hear of power shortage but you must understand that the reason for this is because Ghana happens to be probably one of the leading countries in Africa that has democratized access to electricity; trying to make as many members of the population have some access to electricity as possible.”
The Trade Minister, therefore, appealed to foreign investors not to turn away from the country because of the current energy crisis.
He disclosed that Ghana was developing strategies to diversify its export trade, adding that bauxite and aluminium were among the commodities government would be exploring.
Source ISD (Raymond Kwofie)