Experts say West Africa needs more cooperation to unlock financing options for energy projects and provide a regulatory framework to ensure electricity security for homes and businesses.
They said this at the ninth ECOWAS Regional Electricity Regulatory Authority (ERERA) forum, held in Accra.
Speaking at the event, Mr Kocou Laurent Rodrigue Tossou, Chairman of ERERA, said the region was facing rising pressure on oil and gas prices, which would raise the cost of energy production and supply.
He said that this had contributed to rising commodity supply costs and inflation, harming economic competitiveness and growth.
‘One of the best responses to the current worrying energy situation could come from a concerted regional approach supported by strong political will and stakeholder commitment,’ Mr Tossou said.
He urged regional member States to collaborate to build infrastructure and electricity systems, identify innovative financing options and develop institutional and legislative frameworks to address valu
e chain challenges.
Mr Tossou said that since 2009, ERERA had been working with all actors and stakeholders in the West African regional electricity sector to establish and develop a unified electricity market.
He noted that ERERA’s 2021-2025 strategic plan had been implementing activities for the harmonisation of the organisation of national markets and to enhance synergy with both sub-regional energy and ECOWAS countries.
Mr Herbert Krapa, Ghana’s Minister of State at the Ministry of Energy, called on West African nations to prioritise regional integration and multilateral partnerships to enhance energy security and resilience.
He said every nation’s energy security was dependent on the guarantee and diversity of fuel supply, and the dependability of energy infrastructure. and financial viability of the energy sector.
‘By fostering dialogue and cooperation, countries can collectively address common challenges, leverage shared resources, and promote stability and prosperity across the region,’ he said.
T
he Minister encouraged ERERA to ensure the harmonisation of regulations to engender smoother cross-border electricity trade and more effective resource sharing.
He said West Africa could leverage its energy potential to fuel economic growth, improve stability, and contribute to global energy security by adopting a comprehensive approach that addressed geopolitical dynamics and regional cooperation.
In an interview with the media, Dr Ishmael Ackah, Executive Secretary of the Public Utilities Regulatory Commission (PURC), said that while there were challenges in the region’s energy supply, there were reliable sources to address them.
‘Some countries have an abundance of hydro, solar, and in Nigeria, they have one of the largest reserves of gas that can even supply the region, but there are issues including inadequate transmissions infrastructure to link countries,’ he said.
Dr Ackah observed that some countries had many energy sources, but electricity generation was not sufficient, while others had the capa
city to generate more, yet some were unable to do so.
The forum, he said, would look at how the region could attract more investment into generation and transmission infrastructure, ensure cheaper import for affordable electricity, and boost energy trade in the region.
Source: Ghana News Agency
