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2018 budget to set motion for tariff review

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Businesses should expect to see an adjustment in their cost of electricity at least beginning in 2018.

It follows government’s plans to review the current tariff system for industries.

President Akufo Addo who disclosed this says the Finance Minister, Ken Ofori Atta would announce details of this when he presents the 2018 budget to Parliament on Wednesday, November 15, 2017.

The President was speaking at the 6th AGI Ghana Industry and Quality Awards on Saturday.

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“Furthermore, government is moving to set in motion the process for the review of electricity tariffs and in the budget to be read by the Minister of Finance, Ken Ofori Atta, I am sure you will hear some good news in this regard. Industry is going to be given all the assistance we can muster.”

While commending the Energy Minister, Boakye Agyarko for his efforts to stem another round of power outages, the President further assured of efforts to avert another round of the crisis.

“I am glad that businesses are no longer burdened by the erratic power supply that wrecked our nation in recent years; dumsor, appears now to be a thing of an unlamented past… The Minister of Energy is to be commended for the sterling work he has been doing so far in this matter.”

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The relative high electricity cost has been cited as a contributory factor to the declining growth of Ghana’s manufacturing subsector.

High cost of power pushes Ghana down in World Bank ranking

For instance in the World Bank’s 2018 ease of doing business ranking, Ghana dropped down by some twelve points to 120th.

Among the numerous factors that led to this was the relatively high electricity cost compared to neighbouring Ivory Coast.

But President Akufo Addo is confident the implementation of the review will turnaround the fortunes of industries.

In his view, the decision coupled with other interventions, should position Ghana as a formidable economy within Africa.

“Today, our nation stands on a threshold of a momentous transformation; the lack of wish a history has never known. It takes an exciting time to be a Ghanaian. Government’s objective is clear, the world has seen the Asian Tigers it is time it saw the African Lions and Ghana must definitely be among the very first.”

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AGI Quality awards rewards industries

In all, about twenty-five (25) companies were awarded for their outstanding performances for the year under review.

The companies competed for awards in about thirty categories.

In the end, locally owned Tropical Cables and Conductors Limited emerged as the Overall Best Industrial Company of the year.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Ghana Business News