TWO landmark deals which were struck yesterday, by the government for a $ 1 billion power and $ 7 billion oil and gas projects deserve a lot of commendation.

The deals, sealed at two separate ceremonies between General Electric (GE) and ENI/VITOL, should gladden the hearts of Ghanaians who are yearning for an end to the current load shedding being experienced in the country.

The two projects are expected to augment the current efforts by the government to increase the country’s power-generation capacity, in order to end the power crisis.

The Times is delighted about the current developments, particularly the presence of the Global Chairman and CEO of GE, Jeff Immelt, in the country to make good his company’s commitment to improving Ghana’s energy sector.

Through “Ghana 1000” project, GE and its partners are expected to make a significant investment in the power sector that would lead to the generation of 125 megawatts of power in 2016, and a further 750 megawatts by 2018.

The five-year project, described as the longest in Sub-Saharan Africa, is expected to boost Ghana’s power generation capacity by 50 per cent, from the current about 2,000 megawatts installed capacity.

What is so fascinating about the project is that it is coupled with a floating Liquefied Natural Gas (LNG) vessel, known as Floating Storage Degasification Unit, to supply gas to the power plant, an integrated gas-to-power solution that is expected to lower the cost of electricity generation.

It is also expected to eliminate the use of fuel for power generation using crude oil, which is more expensive.

For us, these are positive initiatives taken by the government to solve one of the major challenges confronting the nation.

It also signals the commitment of government and the private sector to work together to increase the power generating capacity of the country.

What is amazing about the project is, while it is designed to be one of the biggest power projects in Sub-Saharan Africa, it has been designed to bring cost of electricity down.

We are hopeful that when completed, the power plant would transform the sector and provide the country with uninterrupted power supply.

Ordinarily, Ghanaians, as well as the business community, are yearning for an end to the “Dumsor, Dumsor” in the country, and we believe this is the answer.

We pray that the government and its partners would work fervently to see to the completion of the projects.

Welcome GE and ENI/VITOL.


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