He said he would “prioritise, renegotiate, defer or cancel outright” contracts that are not in the interest of the country.
Delivering his first State of the Nation Address Tuesday, the President said government has “begun to develop a national electricity masterplan, which will also explore the benefits of listing VRA and GRIDCO on the Stock Exchange.”
The Electricity Company of Ghana (ECG) has signed about 43 Power Purchase Agreements (PPA) in 2016 to improve on its performance.
Former President John Mahama endorsed many of these deals including a $1 billion power deal with Early Power Limited expected to last for about two decades.
There is also the deal with Turkey-based Karpower signed with ECG in June 2014 that will add 450 megawatts of power directly to Ghana’s electricity grid.
The erstwhile National Democratic Congress (NDC) government also signed a $7 billion agreement with energy firms ENI and VITOL for the development of oil and gas off the Western Cape three points.
The project which is expected to begin this year will deliver up to about 170 million cubic feet of gas per day which would add 1100 megawatts of power.
Considering the controversial nature of some the agreements, President Akufo-Addo said his government has conducted a review into the agreements
“My government will enforce the procurement law. We will insist on open and competitive bidding for power capacity procurement,” he said.
This, he said would not only reduce the cost of power projects and ensure value for money, but would also address the issue of unplanned procurement.
“Government will encourage increased private sector investment in utility scale solar and wind energy projects,” he added.