A vital move to rescuing our energy sector

Thursday, October 19, 2017

The $45 million loan to support energy sector in The Gambia is a conscious and realistic step aimed at tackling the energy and electricity supply challenge in this country.

We really cannot say all the factors responsible for this, but electricity supply in the country in recent months and weeks has not been meeting expectations.

It was not outright good in the previous years and recent past, but there was some hope that electricity or power will always return after some hours of power outage in the day or at night.

Nowadays the frequency of power out being experienced by the populace has increased to the point that we can only bank on the epileptic manner in which it comes or is provided for consumption.

Many people and institutions have been crying for improvement of the situation of electricity supply in the country, especially in the city centre, as it has been gravely affecting progress in business and deterring some other progressive uses of it at our homes.

Our paper, for instance, has written a lot about this situation, voicing out the cry of the people and the need for it, to advance national income and ensure better standard of living for the people. The importance of energy and power supply cannot really be over-emphasised. So at this point of our cry for reliable power supply in this country, we can only raise our hands up to the Almighty God to ensure a project such as the US$45 million Murabaha Financing Agreement with the International Islamic Trade Finance Corporation (ITFC) signed by our government to boost the country’s energy sector is properly implemented, so that we enjoy the benefit of such a loan. 

Our energy sector really needs serious support and the ITFC agreement is really a shot in the arm in aiding us to tackle our power supply headache in this country.  The project realisation would mean a lot to us as a nation.

We really could not agree the more with ITFC’s CEO Eng. Hani Salem Sonbol, who said this agreement is a milestone to boosting the main sector of the Gambian economy. 

“Energy is critical for supplying the country with fuel and electricity,” he said, “In addition to development this signing contributes to intra OIC trade as the products to be financed will be sourced mainly from OIC Member Countries.”

The energy sector supports key industries in this country such as manufacturing, agriculture and services.

The importance and benefits of regular or reliable power supply to the country outlined in the report disclosing the US$45 million Murabaha Financing Agreement has said it all, that electricity generation and supply is vital to every sector of the Gambian economy. Therefore the sourcing of adequate electricity generation will have a positive impact on electricity prices and help reduce the associated costs of insecurity and unemployment.

We would therefore like to commend the ITFC and the government for reaching at such an agreement for the good of a very important sector of our economy, as well as for our livelihood and development.

“I think the cost of energy will come down when we make this transition to renewable energy”

Al Gore