Mumbai, July 8 (IANS) Ghana on Wednesday invited Indian power companies to join its massive expansion drive towards attaining self-sufficiency in the the energy sector within five years.
Ghana’s Energy Commission chairman, Kwame Ampofo, asked Indian companies to help out in the power generation, transmission and distribution sectors in the west African nation to help achieve its targets.
A high-powered business delegation headed by Ampofo spoke about the forthcoming Powerelec Ghana 2016 here and also met Maharashtra Energy Minister Chandrashekhar Bawankule.
Powerelec Ghana 2016, an Indo-Ghanian event, is being hosted at Accra in May 2016 as part of Ghanian President John Manama’s programme to added 3,665 MW power generation capacity – more than doubling the existing capacity – within five years.
“We look forward to Indian players to assist Ghana in attaining self-sufficiency in power. Besides traditional sources such as hydel and thermal, we are also very keen to tap alternate sources of power including solar and wind energy. Ghana’s recent reforms in industrial policy and foreign participation have made it a ideal place to do business,” Ampofo said.
Bawahkule also said there were avenues beyond power where Maharashtra could contribute to Ghana’s progress and looked forward to a successful Powerelec Ghana 2016 in which over 100 companies have confirmed participation.
According to a World Bank Report of 2014, Ghana is recognized as the ‘Best Place for Doing Business’ in the ECOWAS Region.
It ranks among the fastest growing African economies with a growth of 7.4 percent last year.
The country has investment laws which guarantee 100 percent profits transfer, dividends, and exemptions of customs import duty for industrial plants, machinery or equipment and their spares.
However, the country currently faces acute power shortages and is producing only half of its requirements, with the production nearly equally divided between thermal and hydel sources.
Besides power, Ghana, with sizeable gold, diamond and oil deposits, offers investment opportunities in agriculture, agro-processing, telecom, financial services, manufacturing, ICT and tourism.