Business Hilights

Tracking Nigeria's Headline Business News Online

Buhari Siemens

Siemens, Ghana seal €250m nation’s electricity grid upgrade deal

Ad 2
Ad 3

Less than four months after the Nigerian government sealed multipurpose national power development scheme with Siemens, the government of Ghana earlier in the week sealed similar understanding with the same german group to upgrade national grid. This is Nigeria suffered the first collpase of national grid on Thursday, January, 16 and recovered.

However, the Ghanaian deal is coming with €250m financing facility from Germany.

Business Hilights Ghana Bureau chief reports that the MoU was signed by Siemens and the Ghana Grid Company Limited in the presence of the President of the Republic of Ghana, Nana Akufo-Addo, and the President and Global Chief Executive Officer of Siemens AG, Joe Kaeser, according to a statement.

Additional details show that under the agreement, the two companies will work collaboratively to upgrade and extend Ghana’s transmission infrastructure, improve the country’s grid capacity and stability, enable and expand a stable power export to neighbouring countries in the West African Power Pool.

Kaeser said, “Access to electricity is an imperative need for the people and business and, thus, for economic success of any economy. As Ghana has significantly invested in generation capacity, there is now an urgent need to build a reliable, affordable and sustainable electrical network for the country and its people.

“With our proven and unique end-to-end electrification solutions, our expertise and reliability, Siemens can be a technology partner and help the country achieve its objectives.”

Ghana’s President has set out to achieve an ambitious strategy to transform the country, both socially and economically, driving its progress to becoming a sustainably industrialised country, according to the statement.

In his remarks, he averred that “We applaud Ghana for all its achievements under the leadership of President Nana Akufo-Addo. We are eager to contribute to Ghana’s successes by creating local value and being a powerful and reliable regional partner to the country’s socio-economic development goals.”

Other advantages coming with the understanding include national technical and vocational education and training system as Siemens will also educate and train young Ghanaians in various engineering disciplines and provide training on Siemens equipment for STEM education and TVET.

Kaeser said Siemens was pleased to be entering this partnership and contributing to the growth and development of Ghana.

“Improving the energy sector in Ghana is now one of the key priorities for Siemens; therefore the implementation of this MoU will help leapfrog the country and its people towards its industrial and societal development goals,” he noted.

Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.