Tag: ECG
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PURC reduces electricity tariffs; 17.5% for homes, 30% for businesses
The Public Utilities Regulatory Commission (PURC), has announced a general reduction in electricity tariffs effective March 15, 2018. Residential customers per the new tariff cuts are to enjoy a 17.5% reduction, while non-residential customers will see tariffs cut by 30%. Those in the mining sector have also been given a 10% tariff cut, and 25%…
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Electricity tariffs to drop below govt’s proposed 14%
Citi Business News is learning that government’s proposed reduction in electricity tariffs for consumers may not yield much as expected as the Public Utility Regulatory Commission (PURC), finalizes its tariff adjustment for this year. Government in the 2018 budget suggested that it is working to reduce tariffs by some 14 percent on the average, for…
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MiDA resolute with local ownership in ECG
The Millennium Development Authority (MiDA) has stressed that it will protect the interest of the government of Ghana in selecting a private manager for the ECG. It follows concerns raised by one of the concessionaires, a French electricity conglomerate, EDF which together with its local partner, CH Group is protesting the 51% mandatory Ghanaian ownership…
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MiDA to select ECG concessionaire by September 2018
The Millennium Development Authority (MiDA) has told Citi Business News it should select a concessionaire for the private sector participation in the ECG by September this year – 2018. This should allow the injection of some five hundred million dollars ($500m) into the operations of the power distributor. The CEO of MiDA, Mr. Martin Esson…
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Trade Fair agrees to plan to pay electricity bills
The Ghana Trade Fair Centre has disclosed to Citi Business News it has commenced payments of outstanding debts it owes the Electricity Company of Ghana (ECG). According to the Centre’s CEO, Dr. Agnes Adu, the outfit has already paid ten percent of the debt after negotiating an agreement with the ECG. “With the power situation,…
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Govt hastens to clear $ 2.4bn energy debt
Government should by the end of this month commence the repayment of all debts owed in the energy sector and improve operations in the sector. This will follow the successful issue of the 15 year energy bond to raise 10 billion cedis from its investors. The Finance Minister, Ken Ofori Atta who disclosed this to…
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More banks risk collapse over high power cost – Economist
Ghana’s financial sector should brace itself for more banks collapse should the high cost of power continue unresolved. This is the assertion of Economist, Dr. Charles Ackah. Dr. Ackah who is also a Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER) argues that the high cost of power in Ghana…
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Gov’t woos foreign investors for its $ 2.4 bn energy sector bond
Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that…
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GTA initiates moves to reduce ‘numerous’ hospitality fees
The Ghana Tourism Authority (GTA) has bemoaned the numerous charges associated with operating tourist sites in the country. GTA argues that the high electricity tariff billed hoteliers in the country, coupled with high taxes among others is crippling the tourism industry. According to the Chief Executive Officer of the Ghana Tourism Authority, Akwesi Agyemang, the…
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Government’s debt to ECG hits 1.6 billion cedis
Government’s total indebtedness to the Electricity Company of Ghana (ECG) has hit GH¢1,599,800,195 as at March 2017. The figure increased from the GH¢1,390,966,034 recorded as at December 2016. This also represents a 15 percent increase in the government’s debts owed the power distributor between 2016 and March this year. Government subsidy to some electricity consumers…