Summer in Ghana 2011

GHANA RUNS ON ELECTRIC POWER

Emeka Ofobike, Accra. May 28, 2011

Ghana’s fast growing economy requires a steady supply of energy. Currently, most of that energy is electric power.

The electric power sector operates on three axis – generation, transmission, and distribution. The generation is principally done by the Volta River Authority (VRA) using its hydroelectric dams, the transmission is managed by GRIDCO, (The Ghana Grid Company), and the distribution is the responsibility of the Electricity Company of Ghana (ECG).

The Akron team visited the VRA and GRIDCO where the executives of these companies made excellent presentations on their operations, the challenges they face, and the opportunities they hope to tap into.

The restructuring of Ghana’s electric power industry promises to make a big impact not only in Ghana but also in the whole region. A new hydroelectric dam is currently under construction in Bui in the extreme western part of the county. In addition, other power generation projects are under development, including wind and gas. The recent discovery and exploitation of oil in the country will make an impact on the overall generation of energy in Ghana.

BOG Presentation

From Emeka Ofobike, Accra, Ghana, May 19, 2011

Yesterday, Wednesday, May 18th, we had the privileged opportunity to spend over three hours with the Governor of the Bank of Ghana and some of his top associates. An impressive PowerPoint presentation led by Mr. Benjamin Amoah, Head of the Financial Stability Department, discussed the process that led to the choice of inflation targeting as the preferred engine of Ghana’s monetary policy framework.

Information on the Bank of Ghana is available at www.bog.gov.gh

Today, Thursday, May 19, we visited the Ghana Stock Exchange. A three-person team of top executives of the Exchange led by the General Manager, Mrs. Elizabeth Mate-Kole, discussed the organization and operations of the Exchange. We were taken round the electronic trading floor. Useful information on the Ghana Stock Exchange is available at www.gse.com.gh

Tomorrow, May 20, the team steps out of Accra to visit GRIDCO, Ghana’s electricity distribution company. Later in the day, we will drive to Akosombo for a tour of the Akosombo hydroelectric dam and its operations. This plant supplies most of Ghana’s electricity.

Come back to our blog for comments from the team participants after these visits.

Next week, we will be in the Ashanti and Central regions of Ghana.