Business
ACEP cautions against suspension of WAPCO maintenance schedule

Published
3 months agoon

The Executive Director of Africa Centre for Energy Policy (ACEP), Mr Ben Boakye, has advised against suggestions for West African Gas Pipeline Company (WAPCO) to suspend its maintenance schedule.
He indicated that such an action could potentially amplify existing challenges and lead to the emergence of new issues.
“The scenarios I’ve reviewed so far are problematic, especially with Ghana Grid Company (GRIDCo), the system planner, leading the charge,” he said in a post on X yesterday.
He stated that, “suspending the maintenance could be costly, especially since PIGs have already been arranged and contractors mobilised.”
Mr Boakye also said, “The deficit can be managed by procuring additional Heavy Fuel Oil to run some units in Tema. However, this situation must be carefully managed, with a focus on system integrity and stability rather than Dumsor phobia.”
Additionally, he said limited load shedding would be acceptable, provided consumers were informed in advance.
He, however, stated that, “It’s important to note that procuring expensive fuel is a gift to the sector, as ECG will not be able to recover the costs.”
“The scenario for CENPOWER lacks robustness. The plant primarily runs on gas, with about 3,000 barrels of fuel needed at peak demand until the 20th, when gas supply is curtailed. This means the plant could operate for almost 20 days on its current fuel stock during the shutdown period, so the fuel requirements for this period are overstated,” he explained.
Mr Boakye further indicated that “Pricing supplies at $100, which represents a 25 per cent premium on current oil prices, in any scenario is unrealistic. Government should scrutinise this closely.”
GRIDCo, he said, “has omitted TAPCO (330 MW) from its scenario. I initially thought this was an error in their report circulating in the media, but it was concerning to see the same omission repeated in their meet
Additionally, he said limited load shedding would be acceptable, provided consumers were informed in advance.
He, however, stated that, “It’s important to note that procuring expensive fuel is a gift to the sector, as ECG will not be able to recover the costs.”
“The scenario for CENPOWER lacks robustness. The plant primarily runs on gas, with about 3,000 barrels of fuel needed at peak demand until the 20th, when gas supply is curtailed. This means the plant could operate for almost 20 days on its current fuel stock during the shutdown period, so the fuel requirements for this period are overstated,” he explained.
Mr Boakye further indicated that “Pricing supplies at $100, which represents a 25 per cent premium on current oil prices, in any scenario is unrealistic. Government should scrutinise this closely.”
GRIDCo, he said, “has omitted TAPCO (330 MW) from its scenario. I initially thought this was an error in their report circulating in the media, but it was concerning to see the same omission repeated in their meet
ing with the Chief of Staff. This skews the 1,100 MW deficit.
“The exercise raises several policy issues that need to be addressed, such as appropriate laboratories for product testing to cut the required 2-3 weeks to send products abroad, domestic gas production to strengthen energy security, and more,” he elaborated.
Given the scale of the challenges in the power sector, Mr Boakye said planning should emphasise prudence and cost-saving measures.
“The sector has suffered from suboptimal decision-making, often framed in overly technical engineering terms, when the focus should be on sound managerial strategies,” he said.
Mr Boakye’s reaction followed a report by GRIDCo that Ghana’s power grid is on the brink of a major crisis as the government urgently requires nearly $90 million to secure fuel for thermal power plants.
The report warned of potential power outages, popularly known as “dumsor,” if immediate action is not taken.
GRIDCo’s report highlights that the funds are needed to purchase liquid fuel, such as light crude oil, to keep thermal plants in Tema operational and meet rising electricity demand.
The shortage stems from a generation capacity deficit following a pigging exercise by the WAPCO.
This maintenance activity temporarily disrupted natural gas supplies, leaving thermal plants without sufficient fuel.
To address the imminent crisis, GRIDCo has outlined several measures to stabilise the grid, including rescheduling maintenance: Revising planned shutdowns of generators in order to avoid overlapping with the WAPCO maintenance period.
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All is set for the presentation of Ghana’s budget statement and economic policy by the Finance Minister, Cassiel Ato Forson to Parliament today.
This would be the new government’s maiden budget since ascending to the throne in January.
Ghanaians are highly optimistic that the budget would go a long way to cushion people.
They are expecting that the National Democratic Congress (NDC) government will keep it promise and remove the E-levy, Betting Tax, and COVID-19 levy among other tax cuts.
Additional, it is expected that some measures will be introduced to stabilise the local currency and some prudent ways to ensure food security to reduce food inflation.
Ahead of that the Finance Minister has organised national economic dialogue, engageg over 60,000 youths on X, and market women among others to seek their views.
By Edem Mensah-Tsotorme
Business
New BoG building: $230m paid to contractor, $31.8m outstanding – Dr Asiama

Published
3 weeks agoon
March 5, 2025
The new Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has revealed that the state under the previous Nana Akufo-Addo administration has paid $230 million to the contractor working on the new BoG building project, with an outstanding balance of $31.8 million still owed to the construction firm.
He disclosed that the total cost of the project has risen to $261.8 million, with the payments to the contractor being made as recently as February this year.
“As of February this year, a total of approximately $230 million has been paid towards the project, with an outstanding balance of $31.8 million still due to the contractor,” he stated in parliament on Wednesday, March 5.
Dr Asiama also noted that an additional $48.3 million has been paid in taxes and levies associated with the construction of the building.
In addition to the main building, Dr Asiama explained that several other facilities were part of the project, including an Integrated Communication and Computing (ICC) system and Network Infrastructure, which cost $8.6 million.
Other expenditures included integrated electronic security systems at $15.8 million and furniture and furnishings, which amounted to $11.1 million.
He emphasised that these investments are aimed at ensuring the Bank of Ghana operates in a secure and technologically advanced environment, in line with the needs of a modern central bank.
In November 2024, former President Nana Akufo-Addo officially inaugurated the facility to serve as the new headquarters of BoG.
The state-of-the-art facility designed to symbolise financial strength and modernity is situated in the heart of the national capital.
The new facility marked a historic milestone in the evolution of the country’s central bank, which has been a pillar of the nation’s economic independence since its establishment in 1957.
Source: Myjoyonline.com
Business
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’

Published
3 weeks agoon
March 5, 2025
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.

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