The Ghana Free Zones Board has disclosed it is engaging the Volta River Authority (VRA) in an effort to reach a deal, which will reduce the cost of electricity for its members.
This comes as a response to repeated complaints from some companies operating in the Free Zones enclave that the existing cost of power supply (20 cents per kilowatts) makes their operations unsustainable.
Speaking to the media - Executive Secretary of the Ghana Free Zones Board, Michael Okyere Baafi, said: “we have had two meetings already. We are going to have the last meeting. It’s collaboration between GFZB, the VRA and the Enclave Power Companyâ€.
Adding that the GFZB wants to “come to a firm conclusion then we will take the final decision on what to do. Either to still extend the contract with the EPC, or to find another solution on what to doâ€.
Mr. Baafi, noted that it was in the interest of the board to have operational cost – particularly, for power supply reduced to a sustainable level for its member businesses: reiterating the commitment of GFZB to make the enclave conducive for existing companies as well as highly attractive for potential investors.
In his own words, “It is a very important issue that we are looking at. We believe that we must try to make the environment conducive for investors operating in the zone to attract more FDIâ€.
The GFZB’s role has been increasingly emphasized in the Akufo-Addo’s government efforts (via the Ministry of Trade and Industry) in implementing its ambitious ‘one-district-one-factory’ initiative aimed at industrializing the country and creating needed job opportunities.