Wind Energy Sector Of Ghana
Market Overview StudyWind Energy Sector of Ghanaforand6th June 2016
Executive SummaryThe client of CH Business Consulting, CJR Wind - a leading global wind powerEngineering, Procurement and Construction company, is interested in theGhanaian wind energy market and potential investment opportunities within thesector.CJR Wind, therefore, requires a well-structured in-depth Market Overview Studyintroducing the Ghanaian wind energy sector and the investment environmentwith the focus on regulation, current project, wind resource data, estimatedinvestment requirements, etc., in order to assess the feasibility of an investmentinto a utility-scale wind power plant project.This study provides a full overview of the sector and therefore assist CJR’sinvestment decision.
ContentsExecutive Summary. 21.Introduction . 52.Introduction to the Energy Sector . 52.1.Source of the Ghanaian Electricity . 62.2.The Renewable Energy Sector - Strategic Goals and Directions . 62.2.1.2.3.Public Institutions . 82.3.1.Ministry of Power . 82.3.2.Energy Commission (EC) . 82.3.3.Public Utilities and Regulatory Commission (PURC) . 92.3.4.Volta River Authority (VRA) . 92.3.5.Electricity Company Ghana (ECG) . 92.3.6.Northern Electricity Distribution Company (NEDCo) . 92.3.7.Ghana Grid Company (GridCo) . 92.3.8.Other Regulatory Institutions . 92.4.Electricity Prices . 102.4.1.2.5.3.Wholesale Wind Energy Prices . 10National Interconnected Transmission System . 10Wind Energy Sector . 113.1.Ghanaian Wind Market Overview . 113.2.Wind Resource Data Assessments . 113.2.1.4.Renewable Energy Act . 7Update of the Wind Energy Resource . 133.3.Offshore Wind Potential . 143.4.Limiting Factors . 143.5.Industrial Association . 14Current Projects . 154.1.Upwind International AG . 154.1.1.Consortium members . 154.1.2.Investors and Partners . 154.1.3.Planned projects . 16
4.2.Other Planned Projects . 204.2.1.Future Plans of the Volta River Authority . 204.2.2.EBB Volta Eolica Ghana Ltd (100 MW). 214.2.3.Kalahari Investments Limited (150 MW) . 214.2.4.ElecQtra (West Africa) Limited (50 MW) . 224.3.Other Companies . 224.3.1.Ghana Wind Power Ltd . 224.3.2.China Wind Power . 224.4.Off-grid systems . 225.Suggestions – Reasonable Project for Ghana . 236.Project Execution - Steps and Estimated Costs of Registration . 246.1.7.Estimated Costs of Registration . 25Conclusion . 26
1. IntroductionGhana is one of Africa’s and the world’s fastest developing country. In 2011 theGDP growth reached 13.5%, which was the highest in the world. This WesternAfrican nation is famous for its political stability and the peaceful and friendlydemeanour of its citizens. Currently, 52% of its 24.5 million population lives in thecities and their agglomeration. Accra, the capital of Ghana, can be found on thecoast, with about 3.5 million inhabitants.The country’s southern region is more densely populated with rainforests, whilethe northern regions are more scarcely populated with dryer savannah coveredterritories.As a result of the continuous economic and population growth, the country’senergy need is rapidly increasing as well. The energy infrastructure, both onproduction and transportation side, is under-developed that offers greatopportunities for investment. The government and the public institutions haverealised that they cannot tackle the energy deficit alone. For this reason, policies,legislation and special directives were put in place to support the foreign capitalinflow into the sector.Ghana is a member of the ECOWAS (Economic Community of West AfricanStates), which is the West African region’s economic organisation, similar to EU.The total population of ECOWAS is about 340 million and it comprises 15countries. Ghana has both economically, politically and geographically a centralrole in this organisation.2. Introduction to the Energy SectorAbout 66% of Ghana’s population has access to electricity. At the northern part of the country,this is only 36%. The majority of Ghana’s energy sector, the electricity production, transportationand sales/marketing, is controlled by state institutions. These are divided according to theirfunctions.The biggest electricity producer is the Volta River Authority (VRA) whose main source ofproduction is the hydro power plant on the Volta river established 50 years ago providing 28%of the total generation capacity of the country. Over the years, the activities of the organisationhave been expanded and currently it oversees all the electricity production in the country. TheVRA produces 66.7% of Ghana’s electricity. Of the remaining 33.3%, 22.4% is produced byIndependent Power Producer (IPP) and 10.9% by the Bui hydro plant, which is also owned andcontrolled by the state. Since 2013 and 2015, 0.6% of the country’s total capacity is generatedfrom solar power.In an effort to increase the production capacity through private capital inflows, the IPP systemhas been developed in the mid-2000s. This was in line with the energy sector’s privatization
agenda. The IPPs are allowed to build, operate and control these power plants. Therefore, thedistinction is made between the “regulated market” which allows private parties to initiate anddevelop renewable energy projects as Independent Power Producers and utility-led projectdevelopment of the VRA.2.1. Source of the Ghanaian ElectricitySourceShare (%)Installed capacity (MW)32.310.943.21 1804001 58034.321.956.21 2528012 0530.10.50.62.52022.53 655.5HydroVRA HydroBui HydroSub-totalThermalVRA ThermalIPP ThermalSub-totalRenewablesVRA SolarIPP SolarSub-totalTOTALThe table above shows Ghana’s sources of electricity with a total 3655.5 MW capacity fromhydro, thermal and solar energy.The thermal plants use natural gas, crude oil and other petroleum products as fuel for theiroperations. Even though the country began its own crude oil production from its offshorereserves, it still has to rely on petroleum imports from Nigeria and other countries. Supply hasbeen fluctuating and unreliable as experienced in recent years. Further the hydro plants’ waterlevel fluctuation during severe droughts, for example in 2006-2007, cause problems in theelectricity production. These manifest in constant country-wide electricity fluctuation, loadshedding and blackouts. For example, 2014-2015 has been the worst in terms of load sheddingand country-wide blackouts.The Ghanaian authorities wish to diversify the sources of production to deal with this problemand to achieve stable electricity supply in the upcoming years. It plans to concentrate on therenewable energy sources, among others on the wind and solar power, as an alternative.2.2. The Renewable Energy Sector - Strategic Goals and DirectionsThe government’s key strategic objective is to increase the country’s electricity productioncapacity to 5000 MW by 2016. The policy also sets the target for total electricity generated fromrenewable resources to 10% of by 2020. This number doesn’t include hydro energy. The firstsolar power plant was commissioned on the 9 May 2013 at Navrongo in the northern part of
Ghana, with a capacity of 2.5MW, whilst physical construction has been completed and the finalcommissioning tests are ongoing of the second 20 MW solar power plant.Ghana’s population, economy and industrial development are rapidly expanding as well as itsenergy needs. The official figures show that the country’s electricity demand increases by 10%annually. Taking into consideration the 2016 targets, Ghana will require at least 7000-7500MWelectricity by 2020. Additionally, Ghana would like to become a net electricity exporter in theWest African region, which its central location makes it perfect for.Although some early installations and projects are operational, both the solar and wind energysectors are in very early stages of development. Looking at the current 22.5 MW productioncapacity from the solar power plants, there is a lot of room for expansion on the market. Thestate cannot handle the ever increasing energy demand, so it welcomes private investment intothe sector. Policies, regulations and incentives have been put in place to create an enablingenvironment and motivate renewable energy investments. The government has been reducingsubsidies on electricity by raising tariffs, which, although bad for consumers, higher electricitytariffs can boost private investments in power generation.Priority Areas for Renewable Energy Investments (Grid Connected) by the Government ofGhana by 2020: Utility-Scale Wind parkUtility-Scale Solar FarmsDistributed grid-connected renewable energy generation through Net-Metering (solar,wind, biomass, hydro)Renewable Energy legislation in Ghana is ruled by the Energy Commission Act of 1997, the PublicUtilities Regulatory Commission Act and Renewable Energy Act.2.2.1. Renewable Energy ActGhana’s commitment is well represented by the Renewable Energy Act, 2011 (Act 832) passedin 2011, which gives a framework to the sector. It contains multiple incentives, regulation andstrategy that aim to open up the industry and creating a desirable environment for privateentities.Key provisions of the Act: ’Feed-in-tariff’ scheme – under which electricity generated from renewable energysources by the private sector would be offered a guaranteed price to ensure that IPPsget paid appreciably higher than what it costs to generate power.’Purchase obligation’ – under which power distribution utilities and bulk electricityconsumers would be obliged to purchase a certain percentage of their energy fromelectricity generated from renewable energy sources’Off-grid Electrification’ – promote mini-grid and stand-alone renewable energysystems for remote off-grid locations
‘Licensing regime’ – for commercial renewable energy service providers among othersto ensure transparency of operation in the renewable energy industryThe exemption from import duty and tax-free importation of renewable energytechnologiesIncentives to compensate for the large initial capital investmentDevelopment of codes and standards for solar, wind and bio- energy systemsRegulations and procedures to ensure that all renewable energy service providers areprovided with licenses/permits and Power Purchase AgreementsThe act can be downloaded from the following link GY%20ACT%202011%20(ACT%20832).pdf2.3. Public InstitutionsThe following state institutions and agencies responsible for the sector:2.3.1. Ministry of Powerhttp://www.energymin.gov.gh/The Ministry is responsible for creating, overseeing, regulating, executing andevaluating the strategy and policy in order to satisfy the country’s energy needs.2.3.2. Energy Commission (EC)http://energycom.gov.gh/The Commission is a technical and regulatory body responsible for the electricity, natural gas andrenewable energy sectors. Its functions are the regulate, administrate, develop and control theutilization of the Ghanaian energy resources. It is responsible for the involvement of the privatesector and to prepare and update national energy plans. The EC is the final statutory bodyrequired to issue licenses for renewable energy businesses in Ghana.
2.3.3. Public Utilities and Regulatory Commission (PURC)http://www.purc.com.gh/PURC regulates and oversees the utilities companies’ (electricity andwater) activities. It is mainly responsible for defining the supplier and user prices. It has theresponsibility of striking a delicate balance – ensuring that private sector developers haveadequate financial incentive to invest into power projects while at the same time, not subsidizingthe sector beyond the capacity of the government. It has the mandate to set tariffs for consumersand producers (Feed-in Tariffs for delivery of electricity to the grid) and to balance the interestsof producers and consumers alike.2.3.4. Volta River Authority (VRA)http://vraghana.com/VRA’s main task is to generate and supply the electricity for bulk commercial buyers.2.3.5. Electricity Company Ghana (ECG)http://www.ecgonline.info/ECG is the main buyer of electricity produced in Ghana and is responsible fordistributing it to the end users. ECG is primarily responsible for the energy needsof the southern part of Ghana.2.3.6. Northern Electricity Distribution Company (NEDCo)http://www.nedco.com.gh/Its function is the same as ECG’s, but it is responsible for the northern part of the country, whichis geographically about 64% of Ghana. The density of the population is very low in these regionsand the areas supplied by electricity are only about 36%.2.3.7. Ghana Grid Company (GridCo)http://www.gridcogh.com/GridCo is responsible for the transportation of the electricity generated by the producers (VRA,IPPs etc.) to the bulk buyers that comprise of ECG, NEDCo and the mines.2.3.8. Other Regulatory InstitutionsThe Environmental Protection Agency (EPA) and Ghana Standards Authority(GSA), which respectively issue environmental permits and certification forequipment for importation and distribution in Ghana.Specific ventures also require approval from the local regulatory bodies such as theLocal District and Metropolitan Assemblies.
2.4. Electricity PricesThe following are the electricity prices for the end users. The significant reduction of the statesubsidies on utilities resulted a more competitive electricity prices for the IPPs.The following table is effective 14th December 2015. Rates are calculated at the exchange rateon the 1st June 2016 (GH 1 0.2569).Residential (kWh)USD/kWhNon-residential (kWh)USD/kWh0 – 5051 – 300301 – 600601 0.08620.17290.22440.24940 – 300301 – 600601 0.24860.26460.4174MinesFixed price0.29282.4.1. Wholesale Wind Energy PricesDefined by the ’Feed-in-tariff’ scheme, effective from 1st October 2014, the state buys electricitygenerated by wind energy systems at a price of USD 0.1321/kWh without and for USD0.1432/kWh with grid stability/storage system. Rates are calculated at the exchange rate on the1st June 2016 (GH 1 0.2569).2.5. National Interconnected Transmission System
3. Wind Energy SectorWind energy is emerging as one of the most promising alternative sources of energy globally dueto its potential to meet rising demand for electricity at relatively cheaper costs compared toother renewables.3.1. Ghanaian Wind Market OverviewThe potential and possibilities have also been recognized in Ghana. The favourable Ghanaianenvironment (geographical, investment, political, economic, security and tax system) and thegovernment’s priority towards the renewable energy sector resulted that a number ofcompanies are seeking to invest in the wind energy sector.Currently, there is no large grid-connected wind energy plant in Ghana except for small off-gridones installed for demonstration purposes but there are several attempts to establish utilityscale wind power plants in the country.3.2. Wind Resource Data AssessmentsBased on information gathered from the Energy Commission, the Ghana Meteorological Agencyand various studies that include the United Nations Environment Program (UNEP) sponsored‘SWERA – Solar and Wind Energy Resource Assessment’ study conducted by the US institutionNational Renewable Energy Lab (NREL) between 2002-2005, about the on- and off-shore windpower potential of Ghana, it is concluded that the country holds significant potential for windpower generation. The coastal regions, ideal areas being between the Central and Volta regionsof Ghana towards the Ghana/Togo border, as well as scattered areas throughout the country areall suitable for grid-connected large wind farms with stand-alone wind turbines.Of the 6 Wind classes, (with Class 6 being the highest wind resource potential and Class 1 beingthe lowest), Ghana has Class 4-6 wind resources at the highest ridges near the border withTogo and the highest ridges north-west of Accra. This means that there is approximately 413 km2area with good-to-excellent (Class 4-6) wind resource which could support just over 2,000 MWof wind power, and if moderate-to-excellent wind resources were included, that could go up to5,640 MW. Along the Ghana/Togo border 9.0-9.9 m/sec wind speed is recorded that can yield awind power density of 600-800 Watt/m2 in the mountains with the total wind energy potentialof this area is estimated at around 300 MW capacity or 800 GWh electricity. Also, along the coastover a large area, 6.2-7.1 m/sec wind speed is recorded at the height of 50 m.
Wind map of Ghana showing areas with high potentialThe NREL map for Ghana shows wind speeds between 6.2 and 7.1 m/sec for the coasts of Central,Greater Accra and Volta regions and 7.1 and 9.9 m/sec in the mountainous parts of the Easternand Volta regions.
Ghana – Wind Electricity PotentialSource: SWERA Report - Ghana Wind Resource SummaryMonthly average wind speeds for coastal Ghana; between Lat. 5o–6oN and Long.00-10ESensor Height (m/s)12 metres40 metresSatellite (NREL)July4.565.415.4 – 6.0Aug5.416.314.6 – 5.2Sept5.496.544.8 – 5.3Oct6.367.544.5 – 5.0Nov5.086.023.5 – 3.7Dec4.745.183.6 – 4.2Source: Energy Commission, NREL - Satellite Ocean Wind Measurement3.2.1. Update of the Wind Energy ResourceThe wind energy resource is continuously updated and measurements are being conducted usingvery modern equipment and technologies at selected sites in the coastal areas of Ghana. Fivemeteorological masts of 60 m height (NRG 60 m XHD wind mast), measuring the wind conditions,were installed at five wind resource sites along the coast in 2011 at Ningo in the Greater AccraRegion, Ekumfi Edumafa and Gomoa Fetteh in the Central Region, and Avata and Atiteti in theVolta Region.The analysis of the data confirms the SWERA findings, that good-to-excellent wind resource(wind class 4 ̶ 6) which could support a little over 2,000 MW of wind power development, and ifmoderate-to-excellent wind resources were included, that could go up to 5,640 MW.
Obtained wind-speed measurements3.3. Offshore Wind PotentialIncreased wind speed and reduced wind turbulence offshore are much more appreciated now,and this, in conjunction with more cost-effective infrastructure has reduced the predicted costof energy from offshore projects. The Ghanaian offshore has a considerable high potential forwind energy as demonstrated by the SWERA study.3.4. Limiting FactorsIn Ghana, due to various legal, social and infrastructure characteristics limiting factors can beland-use restrictions and land title acquisitions, how far the wind resource is from the existingnational power grid and general road accessibility of the location.3.5. Industrial AssociationAs a result of the relative infancy of the wind power sector and lack of executed commercialsized project in Ghana, there is no industrial association specifically for wind companies at themoment unlike for solar, the Association of Ghana Solar Industries, which is an industrialchamber and pressure group for the solar industry.
4. Current ProjectsCurrently, Upwind International AG is the only company with major ongoing development atan advanced stage, while there are several other projects in the planning phase, butinvestment decisions have not been taken yet.4.1. Upwind International AGUpwind International AG is a Swiss Holding Company with the purpose ofplanning and developing wind energy projects worldwide concentratingmainly on Africa and Eastern Europe. The main shareholder is the Swiss NEKUmwelttechnik AG that plans, engineers, develops and manages the projects.Upwind establishes in each country of their operation specific project companies that hold allthe assets of each project. In Ghana, Upwind Ayitepa Ltd., Upwind Prampram Ltd., UpwindAmlakpo Ltd. etc. are these project companies. The companies, however, only develop theprojects, they do not implement, own or operate them. Once they have reached all requiredpermits for their implementation Upwind hand-overs the projects to investors and/or operators.The financial means required to develop the projects are provided by own resources, after which,they sell their projects to interested third parties (investors and/or operators) at a specific time.4.1.1. Consortium members4.1.1.1.NEK Umwelttechnik AGNEK Umwelttechnik AG is an independent renewable energy engineering andplanning company that is headquartered in Switzerland. NEK has achievedlarge successes of wind parks developments in Romania and Spain and hasbeen seriously looking at wind power in Ghana since 1999.NEK has partnered with Accra-based Atlantic International Holding Company and set up NEKGhana Ltd. in 2003, specialising in wind energy technology, acting as a consultant toorganizations, investors and operators and for developing utility-scale wind power project. Thecompany announced developing of the 225 MW Ayitepa wind farm in 2014, located 40kilometres from Accra on the east coast of Ghana with a total value of USD525 million.4.1.1.2.Atlantic International Holding Co.The Atlantic Group is a diverse organization with expertiseacross four business sectors - Power Transmission andDistribution, Air Conditioning and Ventilation, IT Solutions and Services and Office Furniture.Atlantic International Holding Company is a 30% shareholder in NEK Ghana Ltd.4.1.2. Investors and Partners4.1.2.1.Mainstream Renewable PowerMainstream Renewable Power acquired the Ayitepa windfarm project in September 2014 from Upwind International.
Mainstream is an independent developer and operator of renewable energy projects. With adevelopment pipeline of over 17,000 megawatts globally, it is currently operating andconstructing wind and solar farms across Ireland, South Africa, Chile and Canada. Mainstream isalso developing just under 8 GW of offshore wind projects in England, Scotland and Germanywith 4.45 GW of secured grid connections for these offshore projects.4.1.2.2.ActisActis announced in 2015 that it launched together with MainstreamRenewable Power a 1.9 billion Pan-African renewable energy platform called Lekela Power.Lekela Power will provide between 700 and 900 MW of wind and solar power in Africa, includingthe 225 MW Ayitepa wind project in Ghana.4.1.2.3.Lekela PowerLekela Power is a joint venture partnership between MainstreamRenewable Power and Actis and is headed by Chris Antonopoulos formerly of ABB EnergyVentures and Bombardier. The company’s office is based in London.Lekela’s project pipeline comprises, among others: 360 MW of wind projects in South Africa; the225 MW Ayitepa wind project in Ghana and 100 MW of wind and solar PV projects in Egypt.4.1.3. Planned projectsUpwind International has multiple projects, 6 in total, at various stages of development andthough they haven’t begun construction yet, their efforts are in a very advanced stage. Itsrespective project companies in Ghana have reached, currently negotiating and/or finalizingagreements with the public stakeholders for the execution of the projects that include ‘PowerPurchase Agreement’ with the Electricity Company of Ghana (ECG) based on the RenewableEnergy Act and the approved Feed-in-Tariff for wind projects by the Public Utilities RegulatoryCommission (PURC), Environmental Permit from the Environmental Protection Agency (EPA),Construction Permits from the District Assemblies, ‘Provisional Generation and Wholesale SupplyLicence’ form the Energy Commission, and Connection Agreement with GRIDCo.Locations of the 6 planned projects
4.1.3.1.Upwind Ayitepa (225 MW)Location: Prampram - Ningo District, Greater Accra RegionThe development of the Ayitepa Wind Farm was initiated in 2012. Construction will start soon,and it is projected that it will start production in the first half of 2017. Lekela Power will finance,construct and operate the wind farm and the solar parks. The Ayitepa Wind Farm will beconstructed in phases, initially, 150MW capacity which will later be increased by 75MW throughthe phase II. The project site is located in the Ningo-Prampram District, around 50 - 60 km eastof Accra, over an area of approximately 15,000 acres.The following permits for the implementation of this project were received so far: Provisional Generation and Wholesale Supply Licence from the Energy CommissionNo objection from the District Assembly Ningo-PrampramThe Final Environmental Permit from the Ghana Environmental Protection AgencySiting Permit from the Energy CommissionThe Final Construction Work Permit from the District AssemblyThe Siting Clearance from the Energy CommissionGrid Connection Agreement regarding access to the 330 kV WAPP with GRIDCo (the firstConnection Agreement to be signed in Ghana for a renewable energy project)The Final Construction Permit from the Energy CommissionSigned PPA with the Electricity Company of Ghana for 20 years and a two-phasedimplementation (150 75 MW)The Ayitepa Wind Farm will have a capacity of up to 225 MW and will supply more than 600,000MWh of electricity. Based on inputs coming from the Ghanaian Authorities, the wind farm willbe accompanied with two 20 MW solar parks, together forming the first Hybrid Power Plant inAfrica. The further development work for these projects is ongoing in order to get them also fullypermitted by beginning of 2017.
4.1.3.2.Upwind Prampram (86 MW)Location: Prampram - Ningo District, Greater Accra RegionThe project development of the Prampram Wind Farm already started in 1998, when the firstmeteorological masts were installed. The project was initially planned as a 5 MW pilot projectbut currently is planned as 86 MW with an annual supply of up to 200,000 MWh of electricity.The project is located about 30 km east of Accra, over a total area of approximately 3,000 acres.It is scheduled that construction of this project will commence in 2017.4.1.3.3.Upwind Akplabnya (50 MW)Location: Ada West District, Greater Accra RegionThe project was initiated in 2012 and is located in the Ada West District, around 70 - 75 km eastof Accra, and will be constructed over an area of about 3,000 acres. The Akplabnya Wind Farmwill have a capacity of up to 60 MW and supply around 100,000 MWh of electricity annually. Thestart of construction is scheduled for 2017.
4.1.3.4.Upwind Amlakpo (140 MW)Location: Amlapko, Ada West District, Greater Accra RegionThe project was initiated in 2012 and is located about 80 -
Ghanaian wind energy market and potential investment opportunities within the sector. CJR Wind, therefore, requires a well-structured in-depth Market Overview Study introducing the Ghanaian wind energy sector and the investment environment with the focus on regulation, current project, wind resource data, estimated
81. Ghana Library oard 82. Ghana National Fire Service 83. Ghana National Gas ompany 84. Ghana National Petroleum orporation 85. Ghana National Sec. Sch. 86. Ghana News Agency 87. Ghana Police Service 88. Ghana Ports And Harbours Authority 89. Ghana Post ompany 90. Ghana Post ompany Limited 91. Ghana Prisons Service 92.
Ghana Library Board Ghana Maritime Authority Ghana Metrological Agency Ghana National Gas Company Limited Ghana National Petroleum Corporation Ghana News Agency Ghana Railway Development Authority Ghana Reinsurance Company Ltd Ghana Revenue Authority Ghana Shippers Authority Online Procurement Planning Submissions As At 14th July, 2021
Ghana Library Board 53. Ghana National Fire Service 54. Ghana National Gas Company 55. Ghana News Agency 56. Ghana Police Service 57. Ghana Post Company 58. Ghana Prisons Service . Sekondi-Takoradi Metropolitan Assembly 125. Shama Sec. Sch 126. SIC Life Company Limited 127. Social Security and National Insurance Trust (SSNIT) 128. Sogakope .
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energy conversion scheme using both wind and photovoltaic energy sources. 1.1 Wind Energy Systems Wind energy conversion systems convert the kinetic energy associated with wind speed into electrical energy for feeding power to the grid. The energy is captured by the blades of wind turbines whose rotor is connected to the shaft of electric .
Tema Factory, Plot No. Ind/A/2/3A-4 P O Box 721 Tema BANKERS: ABSA Bank Ghana Limited Access Bank Ghana Limited Ecobank Ghana Limited . This pressure was mainly due to strong demand for forex from the corporate sector, offshore investors, and the seasonal demand for inventory stocking. The economic outlook, according to the Bank of Ghana .
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