The Head of Policy Unit at ACEP, Dr Ishmael Ackah said the challenge facing the energy sector is a financial one and since Agyarko was coming from a financial background, he will bring his experience to bare.
The Head of Policy Unit at ACEP, Dr Ishmael Ackah said the challenge facing the energy sector is one of finances. He added that since Agyarko was coming from financial background as well he will bring his experience to bare.
“The main challenge in the power sector is finance. VRA owes about $1.3 billion. When you take VRA, ECG and GridCo together they owe billions of cedis. So these are the major challenges.”
“We owe N-Gas, we owe Ghana Gas and so many other institutions so you need somebody who understands these things and can deal with them. When you pick the petroleum sector we need competent investors to come in. We now have about two fields and next year we will have another field. We still need a lot of investment so again in business-friendly setting to the petroleum sector,” he added
“When you look at the background of Boakye Agyarko, the fact that at least in terms of education and experience he has spent so much time in the financial sector he is quite qualified to be the energy minister,” he further stated.
Dr Ackah in an interview with Accra-based Citi FM was quick to caution that Agyarko may fail despite his qualifications if he fails to solicit concrete advice from experts.
“We should also be cautious, we’ve seen people who have so much experience and they have come in and translating the experience into results have become a challenge and that is where you would need to fall on experts within the field to drive the government policy in the sector”.
Agyarko is described as a successful banker, having worked as a banker in New York for several years.
He has also worked as an investment banker for years, with enormous experience in negotiations and managerial skills in oil and gas contracts.