He said the current structure placed industries at an unfair advantage of realising any meaningful growth as the high rate of electricity tariffs added up to the operational cost, which was then transferred on finished products and services.

The situation, he said, reduced the competitiveness of locally produced products and services with similar imported ones, which often had lower prices. Mr Kyerematen who appeared before the Appointment’s Committee of Parliament for vetting, was addressing the question as to how government intended to reduce the current high cost of electricity tariffs for industries to thrive, as had been suggested in the Manifesto of the New Patriotic Party (NPP).

He said as far as industries continued to experience such high operational costs resulting from astronomical electricity tariffs, there was no way to achieve any meaningful growth or competition

He said the NPP Government’s transformation agenda was, therefore, anchored on the establishment of industrial zones, and encouraging renewable energy sources that were easier to customise to land spaces and these demarcated areas, were key considerations to be vigorously pursued.

He said incentives would, therefore, be given to investors to provide these alternative sources of energy supply such as solar panels, among others, to industries at reduced rates. Mr Kyerematen, who is part of the second batch of four nominees of President Nana Addo Dankwa Akufo-Addo to be vetted by the Appointment’s Committee of Parliament, also answered ,many questions on Trade and Industry, including on the ‘One Factory, One District Policy’, supporting Ghanaian businesses to thrive and effectively compete on the global market.

So far, six out of 36 minister-nominees have appeared before the Committee, which started the vetting process on Friday, January 20.