• African Continental Free Trade Area is expected to be a game-changer for industries
• Ghana electricity tariffs regime remains the highest in West Africa
• Ghana has a much cheaper price for steel products
Chief Executive Officer of B5 Plus, Mukesh Thakwan has called on government to devise measures aimed at favourable electricity price regimes for industries.
According to him, Ghana gains to become a competitive market leader in the steel industry especially with the implementation of the African Continental Free Trade Area (AfCFTA).
“Electricity is a major component in the production of steel products so if the government can give us special pricing on that for the steel industry, I’m sure it will decrease price further,” he explained.
He continued, “Electricity is very expensive in Ghana compared to other countries so this is the challenge we always face but still, if you really check today, Ghana has a much cheaper price for steel products compared to other West African markets.”
“I think industrialisation is already helping Ghana so if we are able to take it to the next level, we are sure that it will not only create employment but save millions of dollars in revenue,” Mukesh Thakwan is quoted by Citi Business News.
Meanwhile, Ghana’s electricity tariff regime remains the highest in the West Africa sub-region.
The AfCFTA agreement is expected to see a much-reduced tariff regime that will enable traders, exporters, and small and medium enterprises to transit their goods and products efficiently.
The Intra-African trade pact will see to it that 90 percent of all goods that are traded will enjoy a tariff-free regime for all countries that have signed agreements and deposited their instruments of AfCFTA ratification.
Accra-Ghana currently serves as the Secretariat of the AfCFTA with its headquarters commissioned and handed over in 2020.