• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, October 24, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ghana’s Energy Sector “Systematically Decimated”: ACEP Sounds Alarm 

Prince Agyapongby Prince Agyapong
December 11, 2024
Reading Time: 5 mins read
Prince Agyapongby Prince Agyapong
in Extractives/Energy
0
Power Generation Shortfall Threatens Ghana’s Energy Reliability 

High voltage electricity pole detail object

The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye, has raised serious concerns about the perilous state of Ghana’s energy sector.  

In a strongly worded opinion piece addressed to President-elect John Mahama, Boakye called for immediate, strategic action to salvage the sector, which he warns poses a severe threat to Ghana’s economic stability. 

“The energy sector has been systematically decimated, enriching a few while the public bears the burden through the budget, levies, and high margins.” 

Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP)

These inefficiencies and waste have far-reaching implications, especially in a country that depends heavily on its energy sector to drive economic growth. Boakye argued that without swift intervention, the sector’s poor performance will exacerbate Ghana’s already precarious fiscal challenges. 

RelatedPosts

CLGB Commends GoldBod for Transforming Ghana’s Small-Scale Mining Sector 

Suspend All Surface Mining for 6 Months – Nitiwul to Government

MIIF Strengthens Institutional Accountability with Internal Audit Training 

Boakye highlighted the staggering financial losses within Ghana’s energy sector, revealing that over GH¢50 billion is wasted annually. This colossal sum not only dwarfs Ghana’s annual oil revenue but also represents a significant economic burden that undermines the nation’s development. 

One of the central issues outlined in Boakye’s critique is the bloated structure of Ghana’s energy agencies and companies. According to him, the sector is burdened by overstaffing fueled by political appointments and redundancies that have created inefficiencies at every level. 

“The energy sector is riddled with agencies and companies that are 4-5 times larger than what was needed to perform the same work eight years ago,” Boakye noted. 

ADVERTISEMENT

This overstaffing has led to the creation of redundant directorates and unnecessary institutions, which weigh heavily on the public purse.  

In an environment where resources are limited, this inefficiency stifles innovation, reduces productivity, and impedes the sector’s ability to address urgent challenges. 

Boakye singled out the Electricity Company of Ghana (ECG) as a prime example of the mismanagement plaguing the energy sector. He described the ECG as a major financial liability, stating: 

“Politicians have mismanaged it to the point where it has become the single largest dependant of the national budget.” 

Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP)

Years of poor governance, procurement abuses, and inefficiencies within the ECG have left it unable to function effectively. The company’s failure to collect revenue and its reliance on subsidies from the national budget create a cycle of dependency that worsens Ghana’s fiscal health. 

Petroleum Sector: Inflated Costs and the “Black Tax” 

Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP)
Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP)

In addition to problems in electricity distribution, Boakye pointed to waste and inefficiency in the downstream petroleum sector. He revealed that over GH¢6 billion is being lost annually due to inflated margins and wasteful practices designed to sustain political interests. 

This “black tax,” as Boakye described it, disproportionately burdens Ghanaians, who pay higher prices for petroleum products as a result.  

He argued that redirecting these funds could help address critical development needs, such as improving healthcare, education, and infrastructure. 

Boakye also warned of an unfolding crisis in Ghana’s upstream oil and gas sector. He expressed concern about declining investor confidence, driven by uncertainties around gas payments and policy missteps. Without corrective action, he warned, the sector could lose its potential to generate much-needed revenue. 

“We are witnessing its decline unfold before our eyes,” Boakye stated, adding that Ghana has the potential to unlock $2 billion in investments by 2025, out of a possible $6 billion in the medium term. 

Restoring confidence in the upstream sector, he argued, would require decisive action to address procurement abuses, ensure transparency, and create a stable policy environment for investors. 

In his message to President-elect Mahama, Boakye called for a “surgical examination” of the energy sector to restore order and efficiency. He emphasized the need for bold and immediate reforms to address the structural problems that have plagued the sector for years. 

The concerns raised by Benjamin Boakye come at a critical time for Ghana, as the nation grapples with high debt levels and economic uncertainty. The energy sector, once a driver of growth, has now become a liability, threatening to derail efforts to stabilize the economy. 

For President-elect Mahama, the task ahead is daunting. The reforms proposed by Boakye will require political will, technical expertise, and a commitment to transparency and accountability. 

However, the cost of inaction is far greater. Without urgent intervention, Ghana risks losing not only its energy sector but also the economic stability that depends on it. 

As Boakye put it, fixing the energy sector is “a matter of urgency” that demands decisive leadership and bold action. Whether the incoming administration will rise to the challenge remains to be seen. 

READ ALSO: Mahama Condemns Post-Election Violence, Calls for Unity 

Tags: Africa Centre for Energy Policy (ACEP)downstream petroleum sectorECGenergy sectorupstream oil and gas sector
Please login to join discussion
Previous Post

Prof. Asare Decries Vigilantism, Calls for Decent Governance

Next Post

UNICEF Report, Millions of Children Still Unregistered

Subscription Form

Related Posts

Goldbod
Extractives/Energy

CLGB Commends GoldBod for Transforming Ghana’s Small-Scale Mining Sector 

October 24, 2025
Suspend All Surface Mining for 6 Months – Nitiwul to Government
Extractives/Energy

Suspend All Surface Mining for 6 Months – Nitiwul to Government

October 24, 2025
MIIF Strengthens Institutional Accountability with Internal Audit Training 
Extractives/Energy

MIIF Strengthens Institutional Accountability with Internal Audit Training 

October 24, 2025
IEA Warns of Rising Oil Supply Surplus as OPEC+ Increases Output 
Extractives/Energy

Oil Prices Set to End Week Higher as U.S. Sanctions Trigger Rally 

October 24, 2025
Galamsey: NAIMOS Strikes, Arrests Armed Imposters
Extractives/Energy

Galamsey: NAIMOS Strikes, Arrests Armed Imposters

October 24, 2025
Mining consultant Ing. Wisdom Edem Gomashie
Extractives/Energy

Expert Warns Against “Dangerous Precedent” Over Revocation of Mining Licenses 

October 24, 2025
President John Dramani Mahama
General News

President Mahama Introduces Major Reforms to Strengthen Disability Rights

by Silas Kafui AssemOctober 24, 2025
President John Dramani Mahama
General News

Ghana Rollout Free Tertiary Education for PWDs, Mahama Calls it a Landmark for Social Justice

by evansjrOctober 24, 2025
Focus on Building Party Unity, Not Open Endorsements – Buckman Chides Minority MPs
General News

Focus on Building Party Unity, Not Open Endorsements – Buckman Chides Minority MPs

by Emmanuel Tibila BoasahOctober 24, 2025
Goldbod
Extractives/Energy

CLGB Commends GoldBod for Transforming Ghana’s Small-Scale Mining Sector 

by Prince AgyapongOctober 24, 2025
Ghana’s Total Credit Plummets 39% Year-on-Year to GH¢8.6bn in August 2025
Banking

Ghana’s Total Credit Plummets 39% Year-on-Year to GH¢8.6bn in August 2025

by M.COctober 24, 2025
US Evacuates Personnel From Middle East
USA

Hegseth Announces Another US Strike On Alleged Drug Boat In Caribbean

by Comfort AmpomaaOctober 24, 2025
President John Dramani Mahama
President John Dramani Mahama
Focus on Building Party Unity, Not Open Endorsements – Buckman Chides Minority MPs
Goldbod
Ghana’s Total Credit Plummets 39% Year-on-Year to GH¢8.6bn in August 2025
US Evacuates Personnel From Middle East

Recent News

President John Dramani Mahama

President Mahama Introduces Major Reforms to Strengthen Disability Rights

October 24, 2025
President John Dramani Mahama

Ghana Rollout Free Tertiary Education for PWDs, Mahama Calls it a Landmark for Social Justice

October 24, 2025
Focus on Building Party Unity, Not Open Endorsements – Buckman Chides Minority MPs

Focus on Building Party Unity, Not Open Endorsements – Buckman Chides Minority MPs

October 24, 2025
Goldbod

CLGB Commends GoldBod for Transforming Ghana’s Small-Scale Mining Sector 

October 24, 2025
Ghana’s Total Credit Plummets 39% Year-on-Year to GH¢8.6bn in August 2025

Ghana’s Total Credit Plummets 39% Year-on-Year to GH¢8.6bn in August 2025

October 24, 2025
US Evacuates Personnel From Middle East

Hegseth Announces Another US Strike On Alleged Drug Boat In Caribbean

October 24, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address