President John Dramani Mahama on Saturday announced that government would spend GH¢470 million to absorb the 25 per cent of electricity tariff increases.

He said although such monies could have been used for execution of development projects, it was necessary to reduce the burden on the masses that were hard-hit.

President Mahama announced this when he addressed members of the Volta Region House of Chiefs as part of his two-day working visit to the Region.

As part of his visit, he would inspect development projects, initiate new ones and inaugurate completed ones.

He is accompanied by Alhaji Baba Kamara, Senior Presidential advisor, Mrs Dzifa Attivor, Minister of Transport, Nii Laryea Afotey-Agbo, Volta Regional Minister and executives of the ruling National Democratic Congress.

President Mahama said government had acquired funding for the upgrading of the Ho Regional Hospital to cater for the needs of the Ho University for Health and Allied Sciences.

He said government had also secured funding to undertake numerous rural electrification projects in the Region.

He said increment of rural electrification had compelled government to step up power generation to meet the 5000 megawatts target for domestic consumption and export.

The President said the Region would be a major beneficiary of the Chinese Development Bank loan, which would be used in constructing landing sites along the coastal areas.

On the rising inflation, President Mahama said the country would soon come out of its economic turbulence.

He gave the assurance that from next year, inflation would return to single digit when the economy is stabilised.

Togbe Afede XIV, President of the House commended President Mahama for initiating a number of development projects in the Region.

He however appealed to President to build an airstrip to connect the Volta Region to other regions by air.

Togbe Afede, who is also the Paramount Chief of the Asogli Traditional Area, also commended President Mahama for the steps he had taken to eliminate corruption in the country, adding "Corrupt Officials are like termites and should be eliminated".