Ghana boosts power prices by 18%

Ghana boosts power prices by 18%

Ghana’s utilities regulator said on Wednesday that the country’s average end-user energy tariff would be increased by 18.36% in the second quarter of 2023, after a more than 30% increase in the first quarter.

The West African country is on the edge of bankruptcy due to growing inflation, massive debt, and a collapsing currency.

It has requested assistance from the International Monetary Fund, and the IMF is expected to approve the first loan tranche of a $3 billion package on Wednesday.

According to the Public Utilities Regulatory Commission, the rate increase is the consequence of a mix of factors, including currency depreciation, inflation, and increased gas costs.

It said that blackouts were likely and that “utility companies are under-covering and require an upward adjustment of their rates in order to keep the lights on.”

TRENDING

Related Posts