Speaking on Joy News’ PM Express on Tuesday, March 18, he highlighted how global market conditions dictate domestic fuel prices.

“Happenings in the world market are holding well for our domestic market in terms of price,” he noted. “If the world market price falls, then, of course, there’s a likelihood that domestic fuel prices will also fall.”

However, he stressed that Ghana’s overwhelming dependence on imports makes it highly susceptible to fluctuations in the international market.

“There are probably three or four key variables we look at when we want to predict or forecast the price of fuels in our domestic market,” he explained. “One of the biggest factors is the international price of these fuels because we are largely exposed to external events.”

He attributed Ghana’s reliance on fuel imports to the failure of its refineries.

“Our refineries are not working, except for some like Akwaaba and Platon, which do less than probably 1,000 metric tons per day,” he revealed.

“Tema Oil Refinery is not working, Sentuo Refinery is not working. So we import almost more than 98% of our fuel.”

This heavy dependence on imports exposes Ghana to global shocks, he stressed.

“Whatever happens on the world market hits us here also,” he stated, adding that currency exchange challenges further compound the situation.

“We import in dollars because the fuel we buy is in dollars, the crude oil we buy is equally in dollars, but we sell in cedis,” he explained.

He warned that the depreciation of the local currency worsens the crisis.

“If the importing currency, the dollar, is behaving stronger than our own local currency, at which we sell our fuel and exchange for the next consignment, then, of course, we are also losing at that end.”

His remarks highlight Ghana’s vulnerability in the fuel sector and the urgent need to revamp local refining capacity to reduce dependence on imports and cushion the economy from global market shocks.

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He described the appointment as timely and crucial, considering the challenges ahead for the energy sector in Ghana.

Speaking on Adom FM’s Dwaso Nsem, Nana Amoasi commended President John Mahama for his choice of appointee.

“The appointment of the Energy Minister-designate is timely and critical. Given the problems ahead of us, you can’t use an ad-hoc committee to solve them; you need a minister who can make bold decisions. So, we commend Mahama,” he said.

Nana Amoasi also highlighted the significance of President Mahama’s decision to appoint a young person to such an important role.

“John Jinapor is a young man, and for Mahama to have made such an appointment, it means he believes in the youth and has faith that they will transform the economy. So, John Jinapor must not disappoint the youth,” he added.

On whether the Yapei-Kusawgu MP would deliver, Nana Amoasi emphasized Jinapor’s vast experience.

“John Jinapor has been a deputy minister, a ranking member, and has a lot of learning experience, which gives him an advantage over others and will help solve the problems we face,” he stated. “We need someone who can think critically, and I believe the experience he has will assist him if he uses it effectively.”

However, Nana Amoasi also offered advice to Mr. Jinapor, urging him to remain open and engage relevant stakeholders to succeed in office.

“The stakeholder engagement that has taken place is a step in the right direction, and I believe it must continue. He should be humble and not be proud like other ministers. He should be open to diverse opinions and not abuse the opportunity. With that approach, we will get someone who will deliver good results,” he advised.

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According to him, the country had all the necessary capacity to generate and supply power for consumption without any crises from that year on.

“With the opportunities and resources entrusted to the current government in 2017, we shouldn’t have been experiencing dumsor at all because we had a high installed capacity, a very dependable capacity of 4,300 megawatts,” he said.

He further explained that the country currently has a dependable capacity of 5,100 megawatts but “we are struggling to produce power to the extent of just 3,100 megawatts,” he noted on Joy News’ Newsfile on Saturday, November 23, with Samson Lardy while discussing the current power crisis in the country.

Also speaking on the show, the acting Managing Director of the Electricity Company of Ghana (ECG), Ing. Asamoah David, assured the nation that the situation is under control and that power supply will improve in the coming weeks.

However, Nana Amoasi disagreed with the ECG head. “The assurances given by the boss of ECG are not something we can rely on,” emphasising that the country had a good power supply before 2017 and that the current government had failed to manage it effectively.

The chief also accused the government of “suppressing information in the energy sector.” He stated that this was in contrast to previous years when the public could easily access information on the power supply for proper analysis and suggestions to improve the sector.

Before 2017, the John Mahama government faced high incidences of power outages, which led to the coining of the term Dumsor in the country. The government at the time explored means to improve the system before losing the election to the current NPP administration led by Akufo-Addo.

The state of power supply seemed to have been stable for the better part of the administration until recent months when the country started experiencing intermittent challenges largely due to the government’s failure to pay Independent Power Producers (IPPs) who generate power to support the state-owned power plants.

One of the main IPP firms, Sunon Asogli, shut down operations in early October this year due to the government’s indebtedness. Currently, three other IPPs have reduced their power supply to the nation, threatening a total shutdown if payments don’t improve.

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This alert follows an announcement by Sunon Asogli Power (Ghana) Limited regarding the shutdown of its 560 MW power plant due to the Electricity Company of Ghana’s (ECG) failure to settle its outstanding debts.

The IES disclosed that, prior to the shutdown, Ghana had already been importing electricity for four consecutive weeks.

In an interview with Citi News, IES Executive Director, Nana Amoasi VII emphasized the need for urgent, sustainable measures to secure the nation’s energy supply.

“Over the last four weeks, we have been importing power, particularly from Cote d’Ivoire. We were importing power at the time that Sunon Asogli was generating, and daily, they do more than 400 megawatts. Just that we have not realised the impact or seen the impact of the shutdown because of the weather.

“But now that we are getting out of the wet weather, the impact may be felt in the coming days. You will remember that last year around December 4th, they [Sunon Asogli] shutdown for the first time and the ministry intervened swiftly, but this time around they are choosing to start with an importation [of power] and probably go to the deck and meet Sunon Asogli.

“But I think we must start from somewhere, but I don’t believe in two, three months, ECG can address their problems. It requires more of an investment into their operation, more competence as well, and less political interference to address some of these issues,” he said.

Source: Adomonline

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Speaking on Adom FM’s morning show, Dwaso Nsem on Monday, Nana Amoasi VII said while the CRM is not inherently flawed, the transition was hurried, leading to current issues.

“The cylinder recirculation model is not a bad thing. It is also not new in the country. We practised it before using Coca-Cola bottles until we transitioned into gas stations. Now, because of explosions, we want to use the cylinder recirculation model. However, if we regulate it well, not just the filling of the gas but the transportation from the main depot and follow all the protocols—we wouldn’t be where we are today,”he said.

The IES Executive Director stressed that, proper regulation and enforcement of bylaws are crucial to preventing accidents.

He believes that, the assumption that switching to the CRM would automatically resolve safety issues was misguided.

Nana Amoasi VII also pointed out the possible lack of a transition plan and the importance of stakeholder engagement.

“The model cannot be the only answer to our problems. There must be regulations and a safe method of handling the issues. If the people involved do not accept it, your work becomes difficult. Transitions happen all the time, but when it comes to the energy domain, transition must happen naturally,” Nana Amoasi VII stated.

He called for a more measured approach, emphasizing that the CRM needs to be part of a broader strategy involving stringent safety regulations and effective stakeholder communication to ensure a smooth and safe transition.

Watch the video below:

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This according to IES is due to the posture of certain key players despite how important the timetable is.

Speaking on Adom FM’s morning Dwaso Nsem Monday, the Executive Director, Nana Amoasi VII said the best intervention from the government was to ensure effective collaboration between ECG and the Ghana Grid Company Limited (GRIDCo) to issue the timetable to help Ghanaians plan their lives.

“The Energy Minister showed us the way to go when we asked for a timetable so until he admits the situation we are in and rescinds his decision, Ghanaians should just forget about the timetable because the comment shows that it will not work,” he said.

On the back of this, Nana Amoasi asked the government to allow ECG to freely deliver on its mandate without interference.

“Such political interference will not allow ECG to do its work. If we could get a structure that will do away with political interference, ECG will work effectively and that can be done,” he stated.

Amidst the recent erratic power supply, Ghanaians expressed dissatisfaction with the ECG and demanded a load shedding timetable.

However, both the Energy Minister, Dr. Mathew Opoku Prempeh and ECG Managing Director, Samuel Dubik Mahama ruled out the call for the release of a load-shedding timetable.

The Minister said the demand for the timetable is equivalent to wishing evil for the country.

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According to the Executive Director, Nana Amoasi VII the Asantehene’s call is in the right direction and long overdue.

“The eminent king didn’t ask that we bring in foreign investors so this means the privatisation can bring together local people with expertise and can invest to boost the institutions. Also, they should not just invest and sit to wait for profit from ECG but be involved in all operations,” he said.

The Asantehene on Wednesday highlighted the need for the privatisation of the power distribution companies to ensure essential financial investments.

He made these remarks during the commissioning of a 430-kilometre natural gas pipeline by Genser Energy, aimed at bolstering the nation’s power sector.

In an interview on Adom FM’s morning show, Dwaso Nsem Monday, Nana Amoasi VII stated the government should see Asantehene’s call as an opportunity for extensive dialogue.

“We must be clear and careful on what we want to do thus whether it will be full privatisation or a PPA so we don’t repeat the PDS situation. So Otumfuo’s call has opened the gateway for extensive conversation,” he added.

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The directive is in response to the ongoing intermittent power outages, known as “dumsor.”

However, the IES boss pointed out that, it won’t solve the problem and will have implications for the country.

According to him, even if the directive is implemented, the Electricity Company of Ghana (ECG) will still shed load.

Nana Amoasi VII added that, the countries that Ghana supplies electricity to might resort to another source if the directive takes too long which will result in a loss of the export market.

“It is a good call, but whether it is done or not, load shedding will still go on. However, it won’t be as frequent as now. It will help, but it won’t stop Dumsor and has implications for the country. The other countries we supply to might resort to another area if this directive takes too long, which will lead to the loss of the export market,” he said in an interview on Adom FM’s morning show, Dwaso Nsem Wednesday.

The Executive Director of IES also cautioned that if ECG is forced to supply electricity to everyone, it might lead to low voltage or a blackout.

He said financial constraints are the root cause of these issues, as the revenue collected by ECG is insufficient to pay its suppliers.

“Our available capacity is not more than 3,300, which means there is a deficit. If ECG doesn’t manage it for us and forces us to supply it to everyone, it might lead to low voltage or a blackout of the entire system. So whatever happens, we still have power outages. This is all due to financial constraints. The revenue collected at the end of the value chain by ECG is insufficient for all the sector players,” he said.

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This comes after Strategic Mobilisation Ghana Limited was awarded an additional contract worth up to ¢24 million per month.

The contract calls for monitoring and reporting on fuel product diversion and dilution, as well as overall noncompliance in the petroleum industry.

Notably, the National Petroleum Authority (NPA) was already in charge of these responsibilities.

The firm admitted to the Fourth Estate investigators that they made false claims about its services to the state as it relates to alleged savings.

In an interview on Joy FM Top Story on Monday, December 18, Nana Amoasi VII stated that contracting a private firm to undertake duties the NPA is already doing is purposely to create wealth for a few people.

He also shared the view that government going on that tangent could also be a result of it not trusting the existing system.

“We [IES] believe that the latter may be the truth. That this is designed to create loot and share,” he added.

He explained that there are existing systems in place to check product quantity.

Nana Amoasi VII added that “the NPA exists to carry out such a mandate, Custom Excise and Preventive Service also exist to crosscheck the quantity of product that comes into the system. And so this is a clear duplication of task.”

“Something that we have paid for to be done for the country, you go and contract somebody else to come and put piezometer to check. This is thievery and nothing else,” he insisted.

Meanwhile, the Special Prosecutor has been petitioned to probe the Finance Ministry, The Ghana Revenue Authority and Strategic Mobilisation Ghana Limited over the questionable $1 billion contract for revenue assurance in the petroleum downstream, upstream, and gold mining sectors.

The Editor-in-Chief of The Fourth Estate, Manasseh Azure Awuni who filed the petition explained that the OSP had assured that something would be done about it.

According to him, the petition is to investigate the deal for corruption and possible breach of procurement law.

Reacting to his, the Ranking Member on Mines and Energy Committee, John Jinapor says he is happy the Special Prosecutor has been petitioned to probe the contract indicating that the Minority side will also determine their next line of action.

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