The government of Ghana has signed a Memorandum of Understanding with Equatorial Guinea to receive Liquefied Natural Gas (LNG) from that country to supplement Ghana’s energy needs.
This was made known by President Akufo-Addo while on a three-day visit to Equatorial Guinea.
Speaking at a State Dinner held in his honour by President of Equatorial Guinea, Teodoro Obiang Nguema Mbasogo, Akufo-Addo said “my presence here is a consummation of this bilateral agreement, and represents a significant step towards matching Equatorial Guinea’s excess gas supply to Ghana’s ever growing demand.”
“It is my expectation that during this visit, we shall sign a government-to-government Heads of Agreement for the supply to Ghana of LNG from Equatorial Guinea, for a period of fifteen years, reviewable every five years. If cocoa was the first seed to nourish the relationship between our two countries, gas is going to be the second,” he added.
The MoU will see Equatorial Guinea supply the equivalent of 150 million standard cubic feet of natural gas per day to Ghana.
The MoU also provides for the building and operation of an LNG regasification terminal in Takoradi in the Western Region.
Ghana in time past had erratic power cuts which affected industries and businesses in the country.
The governing New Patriotic Party (NPP) however promised to put in place measures to ensure that Ghana becomes energy efficient.
President Akufo-Addo also at the dinner explained that his visit was also to strengthen the bilateral ties that exist between the two countries, as well as explore areas of co-operation to the mutual benefit of their respective peoples.
Akufo-Addo said the two countries have maintained strong relations for several decades, adding that he is following in the footsteps of three of his predecessors in the 4th Republic, who also paid official visits to Equatorial Guinea.
“They have laid a solid foundation for the relations between our two countries, on which, with God’s help, I am hoping to help build a bright future of co-operation,” he said.
With the last meeting of the Permanent Joint Commission of Co-operation between the two countries held in Accra in 2010, President Akufo-Addo was also hopeful that his visit to Malabo will kick-start the re-commencement of formal sessions of the Commission, the last one of which was held in Accra.
The President was also keen to reviving the Air Services Agreement, and re-establish direct flights between Accra and Malabo.
His government, he added, has also committed itself to expanding the Tema Port into a trans-shipment hub, to improve sea trade within Africa.
With Ghana and Equatorial Guinea being are two important members of the African Union (AU), President Akufo-Addo stressed that he is willing to do whatever he can to strengthen the AU.