Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.

The High Street Business

No Extension for Now: President Mahama Commits to Completing Ghana’s $3 Billion IMF Programme

In a decisive move to maintain , President John Dramani has ruled out any immediate extension of Ghana’s $3 billion Extended Credit Facility (ECF) with the ().

Speaking at the Munich Security Conference in an interview with Bloomberg TV, the President reaffirmed his administration’s commitment to implementing the current programme as planned.

“We’ve not talked about an extension of the programme. We are determined to continue with this programme,” President Mahama stated. “If it’s necessary to look at additional funds or to extend the programme, we’ll look at it, but for now, we are determined to continue on this trajectory.”

His remarks underscore the ‘s focus on without seeking additional support in the interim.

During discussions with the IMF, the government emphasized rationalisation, management, and fiscal prudence as key priorities to sustain economic progress. President Mahama reiterated that these measures are essential for Ghana’s long-term economic stability, ensuring the nation reaps the full benefits of the ongoing programme.

Ghana’s $3 billion ECF programme, which began on May 17, 2023 under the previous Nana administration is designed to support economic recovery and over three years.

Read More
The High Street Business

WAPCo Shutdown Causing Power Outages, Businesses Affected by Shortfall

The West African Gas Pipeline Company () maintenance shutdown is beginning to bite, leading to intermittent power outages that are disrupting business operations across the country. The routine maintenance, which started on February 5 and is expected to last until March 2, 2025, has left the country short of sufficient power to meet demand, particularly during peak hours.

A significant number of power plants that rely solely on gas have been left idle due to the lack of gas supply. ‘s checks reveal that the power supply shortfall amounts to about 1,400 megawatts, as gas-dependent plants such as Karpowership, Amandi, one unit of Asogli, Centi, and some plants owned by the Volta River Authority () are unable to generate power without gas.

WAPCo is currently undertaking maintenance on the gas pipeline that transports natural gas from Nigeria to . This routine maintenance had been delayed multiple times, but once it commenced, gas supply to thermal plants in Tema from Nigeria, along with the reverse flow of gas from Takoradi to Tema, ceased. As a result, the deficit in power supply has led to power outages, especially during peak times, affecting businesses’ ability to operate smoothly.

The Ghana Grid Company Ltd (GRIDCo) had previously assured the public that measures would be put in place to prevent widespread power outages, commonly referred to as “,” during the maintenance period. However, the reality has proven otherwise, as not all power plants can switch to alternative sources.

In a joint statement, GRIDCo and the Ltd () confirmed that, under the and ‘s leadership, significant volumes of liquid fuel had been secured to power key plants in Tema as a stopgap measure. However, the liquid fuel solution is only viable for some plants, leaving others that are solely dependent on gas unable to function, leading to a significant power supply shortfall.

Industry experts have expressed concern that the situation could worsen if the rains do not fall in sufficient amounts to replenish water levels at the Akosombo and Bui dams, which are key contributors to the current country’s power generation.

Read More
error: Content is protected. Kindly credit The High Street Business when referencing.