Ghana has eased its electricity crisis but not out of the woods yet, President John Mahama has said.
On the outlook for power stabilization in the West African nation, President Mahama said the energy problems has reduced significantly from last year, insisting that “we are able to match demand and supply” for now.
“Our energy challenges are not over but at least for now, we have been able to fix the problem, we are able to match demand and supply, even though we are living dangerously because our redundancy is small, not because we don’t have the generating capacity but because several of our generating assets are gas-based. We are not able to get enough gas to feed them.”
“For instance if you take the eastern generating area which is Tema, we have almost 600MW of gas-based generation but are not getting gas through the West African Gas pipeline to be able to run them. One reason is because Nigeria’s demand for gas is increasing and there is regular destruction of the gas infrastructure and so we get a certain volume today, tomorrow it drops so you cannot predict how you are running those assets,” Mahama told a meeting of the Council of State.
Ghana had a relief in December last year, as it tried stabilizing the energy sector with various expansion projects and new developments – fiscal and physical – projected over the next five years.
BREAKING NEWS: BoG takes over Unibank
The Bank of Ghana has announced it has taken over the management of private bank, Unibank.
The Governor of the central bank explained at a press conference, the takeover is due to challenges facing the bank. He mentioned weak supervisory standards and weak operations as the cause of the challenges.
Ernest Addison said the bank, adjudged the 6thbest performing company in Ghana at the Ghana Club 100 awards in 2017, provided inaccurate data during the central bank’s effort to resolve the problems last year.
He assured depositors their money is safe, stressing “we are not liquidating the bank, we are saving it.”
The take-over comes weeks after Unibank announced it was taking over adb.
The top management of Unibank are Dr. Kwabena Duffuor II who is Chief Executive Officer, Ekow Nyarko Dadzie-Dennis Chief Operating Officer, Executive Director Owusu-Ansah Awere, Executive Clifford Duke Mettle, Director of Risk Management Kwesi Nkrumah Pimpah.
Photo: CEO Kwabena Duffour II was awarded the most enterprising young executive award in 2017.
The bank’s company secretary is Sylvia Assimeng-Archer, Executive Head of Treasury and Global Trade John Collins Arthur, Executive Head of Corporate Banking Elsie Dansoa Kyereh and Executive Head of Innovations and Business Execution Florence Ohene.
This executive management are expected to give way to new control, KPMG appointed by the central bank.
The bank was founded in 1997 by Kwabena Duffour who later became Finance minister under the Mills administration.
But after 20 years of private management, Kwabena Duffour who is a former Governor of the Bank of Ghana loses control of unibank to his former employers.
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