Author's note: This piece was written on 27 /6/2013. It is being posted today, because I was unable to do so on the day. Please read on:
Apparently, consultants for the proposed 2,000 megawatt Ketu Power
Project (KPP), Finite Earth Consult, led by a Mr. Mayor Agbleze, want
the Ghana government to invest in their independent power producer (IPP)
project.
One certainly hopes it is not a cash investment from hard-pressed taxpayers that they seek. Ghana's private sector cannot eat its cake and have it.
If we want the private sector to be the engine of growth, then let the
private sector be creative enough, to raise cash for all the projects
it dreams up.
If they are so sure of the success of the KPP, why does Finite Earth
Consult not approach wealthy private investors, such as HRH Prince
Alwaleed Bin Talal, of Kingdom Holding Company, who has the money, and
has demonstrated his faith in Ghana, by investing in the Movenpick
Hotel, to fund the KPP project?
Finite Earth Consult can also talk to Idan Heavey, the founder and CEO
of Tullow Oil - who might have ideas that could be useful to the
promoters of the KPP.
There are also sovereign wealth funds, such as those of Norway,
Singapore and China, which invest in worthwhile projects. Why do the
promoters of the KPP not approach some of them?
The golden age of business for crony-capitalists in Ghana is over.
With respect, the government of Ghana cannot be a bank of last resort
for wealthy individuals - who cannot raise funds for their own
projects.
Hapless Ghanaian taxpayers will no longer tolerate that, alas. For that
reason, the government of Ghana cannot invest In the Ketu power
project.
Let the promoters of the Ketu power project focus on raising money to
fund the project from the private-sector instead, to make it a 100
percent private-sector funded project - and set a worthy example to be
emulated by the promoters of other private-sector projects in Ghana. A
word to the wise...
Tel: 027 745 3109.
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