GE Africa
(Lagos)

17 June 2013

General Electric Restates its Commitment to Boosting Ghana's Energy Sector

Photo: State Department photo
MCC CEO Hyde and Ghana's Finance Minister Terkper Shake Hands After Signing the Ghana Compact

SPONSOR WIRE

Accra —

  • GE aims to support the Ministry of Energy and Petroleum to generate 1000 Megawatts of power over the next five years.
  • GE plans to develop Power Park in collaboration with partners and investors as well as develop local capabilities
  • The Minister for Energy and Petroleum, commends GE on its efforts to boost Ghana's Energy Sector

General Electric (GE) has signed a Memorandum of Understanding with the Ministry of Energy and Petroleum to support the nation's power generating capacity. Under this MOU, GE will be facilitating the development, financing and technical partnership required for the implementation of an incremental 1000MW of power in collaboration with the Government of Ghana over the next 5 years.

The agreement comes on the heels of the Government's proposed target to generate a total of 5000 Megawatts by 2016.

The Minister for Energy and Petroleum, Honorable Emmanuel Armah-Kofi Buah, commended GE on its efforts and stated that the Government of Ghana is committed to achieving increased power outputs through strategic collaboration with private sector investors. He noted that the government is putting in place the necessary structures and creating the enabling environment to attract the needed Independent Power Producers (IPPs) to ensure that the country had a constant supply of power for economic growth.

The "Ghana 1000MW Project" will introduce the Power Park Concept to enable lower cost of power and faster implementation. GE plans to develop the Power Park in collaboration with partners and investors as well as develop local capabilities and service providers in Plant Operation and Maintenance.

Commenting on this milestone, CEO of the MCC, Daniel Yohannes said "One of MCC's key objectives is to foster private sector investment by addressing power sector challenges such as creating a reliable fuel supply, implementing cost reflective tariffs, and generating a robust framework to support independent power producers like GE. We congratulate GE for moving the Ghanaian market in a direction we support and look forward to continuing our close and fruitful working relationship."

Speaking about GE's role in the agreement, the President & CEO of GE Africa, Jay Ireland, said, "GE is pleased to partner with the Ghanaian government in achieving its energy targets which we believe will ultimately enhance the economic development and competitiveness of the Ghanaian economy."

GE's proposed plan for Ghana mirrors its activities in other African countries. The company has signed MOUs with the Governments of Nigeria and Ghana to support the development of power, transportation, healthcare and capacity building. GE plans to ultimately generate at least 1.5 GW of new power generation in the next 5 years across West and Central Africa.

About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

For more information, contact:

Thulisile Phiri, Media Relations Manager – GE Africa
+2779 885 0530
Thulisile.phiri@ge.com

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