Garowe (PP News Desk) — The President of Puntland State Said Abdullahi Deni has given a keynote speech at the Environment and Climate Change Conference in Garowe in which he described the exorbitant electricity prices as a drag on economic growth in Puntland.

“Puntland Government is aware of exorbitant electricity and water prices charged by utility companies. The Government is a major investor in utility companies” said President Deni.

President Deni: “Puntland Government will set electricity and water prices.”

President Deni said there were pilot plans to increase the electricity supply in Bosaso, the leading  commercial city.

“(The) UAE government has donated seven megawatts of electricity supply for Bosaso. In addition, a private company will supply nine megawatts of electricity. This development will boost productivity and spur growth in small-scale factories in Puntland. We plan to introduce public-private partnership utility enterprises. The government will set utility prices“ added President Deni.

Interventionist economic policies to be pursued by the incumbent administration discourage investment in utility companies. “Competition is what Puntland consumers can benefit from. The Government shouldn’t be aiming for a role to set electricity and water prices because investors will flock to more profitable industries. This will unnecessarily lead to monopoly” says Mohamud Ali, a business economist in Bosaso.

President Deni criticised investors seeking quick but higher profits in the shortest possible time.

This article first appeared in the © Puntland Post, 2021 and is republished with permission

Comments are closed.

You May Also Like

Fitness Club Shut Due To Coronavirus Fears

despite a requirement (for) self-quarantine … club member chose to visit the Yawei fitness club

Taiwan to Impose Health Declaration Forms on All Visitors

Those failing to accurately do so face a fine of up to NT$150,000

Despite Trade War, Taiwan Raises Economic Forecast For 2020

The ongoing US-China trade war seems to be impacting everyone, except perhaps…

In Taiwan, Southeast Asians Find Roots In A Bookstore

Humans often tend to create and sustain differences between each other. In…