Ghana investors eye local power sector

Rwanda’s efforts to increase power generation to over 560MW by 2017 could get a big boost after Ghanaian investors expressed interest in the sector.

Rwanda’s efforts to increase power generation to over 560MW by 2017 could get a big boost after Ghanaian investors expressed interest in the sector.

Officials at ReRoy Power Limited, one of the leading power generation and distribution company in Ghana, said they were ready to partner with local business people and the government to set up a power generation project in Rwanda.

Roy Papafio, the chief executive officer, said though the government is working with local businesses under the public-private partnership scheme to boost electricity generation, it should also foster joint ventures with international companies.

“It is through these partnerships that Rwanda will be able to tap into the expertise needed to generate and distribute power at affordable rates to spur growth. ReRoy power is ready to be part of the solution towards Rwanda’s energy needs,” Papafio said. 

He was speaking during the recently-concluded visit by Rwanda’s Private Sector Federation to Ghana, where they discussed possibilities of forming joint ventures with their counterparts at the Ghana Chamber of Commerce and Industry.

Rwanda currently generates 110.8MW of power, with the government targeting to increase it to 563MW by 2017. 

The government needs about $3b to increase access to electricity from 17 per cent of the population to 70 per cent over the same period.

Kate Quartey, the board chairperson of ReRoy Cables Limited, a Ghanaian cable maker, said it is important for African economies to start finding solutions to the challenges threatening investments on the continent instead of waiting for the West to solve them. The potential is there; we should not be sidelined. If Rwanda needs power, Ghana or other African countries should be the first ones to come up with a solution,” Quartey said.

Meanwhile, Ghanaian investors from agro-processing, mining and manufacturing sectors have also interest in forming joint ventures with local businesses as one of the ways to strengthen trade relations and boosting investments in the two countries.

The investors promised to visit the country in two months to assess the local business environment, and further discuss partnership deals.

Georgina Filson Nyane, the chief executive officer of Ginafil food technology, hospitality entrepreneurial development centre, noted that Rwanda and Ghana present huge market potentials for the investors given their geographical locations on the continent.

“Having Rwanda and Ghana doing business together will help promote intra-trade on the continent.” 

Denis Karera, the Ghana honorably consul in Rwanda, said the consulate would continue fostering investment opportunities that exist between the two countries.

Benjamin Gasamagera, the Private Sector Federation president, said forging business relationships with Ghanaian investors will ease access to more markets in West Africa for Rwanda’s products.

“Attracting investors is in line with the economic objectives of the second phase of the Economic Development and Poverty Reduction Strategy (EDPRSII). This will not only promote local trade but also enhance our capacity and skills to negotiate, especially on the international market,” he said.

 

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