We inherited $2.4bn energy sector debt – Akufo-Addo

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President Nana Akufo-Addo has said that his government inherited $2.4bn energy sector debt from Mahama administration which needs fixing.

Delivering his maiden State of the Nation Address, President Akufo-Addo said attempts by the Mahama administration to solve the energy crisis that bedeviled the country led to a debt of over 2 billion dollars.

“The attempts by the previous government to resolve the dumsor crisis have led to a gargantuan debt overhang in the sector…we have inherited a heavily indebted energy sector, with the net debt reaching 2.4 billion US dollars as at December 2016.

“I have to point out the alarming fact that 800 million US dollars of this debt is owed to local banks, which threatens their stability. Huge indebtedness of the energy sector constitutes the single major hurdle to Ghanaians enjoying reliable and affordable electricity supply

“The cost of energy destroys businesses large and small. It destroys jobs. It compounds poverty,” the President said Tuesday morning.

“My government will enforce the procurement law. We will insist on open and competitive bidding for power capacity procurement.”