In a bold declaration, the Asantehene Otumfuo Osei Tutu II has called on the government to privatize key state-owned entities for power generation and distribution, namely the Volta River Authority (VRA), the Ghana Grid Company Limited (GRIDCo), and the Electricity Company of Ghana (ECG).
Otumfuo Osei Tutu believes that privatization will enhance the functionality and efficiency of these institutions, ultimately leading to improved service delivery and increased investment opportunities in the country.
The call for privatization was made during the commissioning of a 430-kilometre natural gas pipeline by Genser Energy in Kumasi on Wednesday, April 17.
Otumfuo Osei Tutu emphasized the importance of private sector involvement in the establishment and operation of key companies, highlighting the need for government policies that attract investors and foster economic growth through job creation.
Expressing his views on the matter, the Asantehene stated, “It’s about time that the government realizes that it’s not going to work for the government to be involved in setting up companies without involving the private sector, it doesn’t work.” He further advocated for the diversification of these government entities by involving qualified individuals from the private sector to operate them efficiently.
Highlighting the financial challenges faced by the government in maintaining these industries, Otumfuo underscored the urgency of embracing reality and reevaluating the roles of the government and the private sector.
He stressed the need for a strategic shift towards effective governance and resource management, especially in sectors crucial to the country’s infrastructure and development.
The Asantehene’s remarks serve as a wake-up call for policymakers to consider alternative strategies that encourage private sector participation in key sectors of the economy. By unlocking the potential of private investment and expertise, the government can optimize the performance of state-owned utilities like VRA, GRIDCo, and ECG, ultimately benefiting both the economy and the general populace.
By Vincent Kubi, Kumasi