Deputy Minister of Energy in charge of Petroleum Mohammed Amin Adam has revealed that the plan of the Akufo-Addo-led government to make Ghana the petroleum hub in the West Africa sub-region is in progress.
He said a bill to that effect has been laid before Parliament, which when approved, will lead to the establishment of the Petroleum Hub Corporation in the Western Region to ensure that the plan comes to fruition.
This is one of the initiatives of the government to boost the petroleum sector, he said.
Speaking during the unveiling of the 2020 manifesto of the New Patriotic Party (NPP) on Saturday, August 22, Mr Amin Adam said: “We will continue to pursue our plan of turning Ghana into a regional petroleum hub in the Western Region.
“A bill for the establishment of the Petroleum Hub Corporation is currently under parliamentary consideration.”
He further said the debts in the energy sector inherited from the previous NDC administration have also been paid by this administration.
“We redeemed over US$1 billion of debts accrued by John Mahama and the previous NDC government from the Bulk Oil Distribution Companies.
“To sustain cash flow in the energy sector and avoid accumulation of debts, we are currently implementing the cash waterfall system,” he said.
Cash Waterfall Mechanism means the Recipient’s mechanism for distributing the revenues from the sale of electricity proportionately among the relevant energy sector market players involved in the electricity supply value chain.
By Laud Nartey|3news.com|Ghana