A Minister of State at the Finance Ministry, Abena Osei-Asare, has highlighted government's commitment to maintaining a stable power supply, especially for businesses.
Speaking on Joy News’ PM Express Business Edition on Thursday, she announced successful negotiations with five of the seven independent power producers (IPPs).
“We've been able to restructure the arrears based on previous agreements. This brings certainty to the power supply for the nation and businesses.
Read also: We are working to improve enabling environment for businesses to grow – Abena Osei-Asare
"Reliable power is crucial for generating business activities in the country,” she stated.
Highlighting the importance of these negotiations, Osei-Asare added, “With secured power supply, businesses can avoid additional fuel costs and rely on consistent electricity from the government.”
The Ghana Chamber of Commerce and Industry (GCCI) reported that in April, over 5,000 SMEs faced severe economic challenges due to frequent power outages, known locally as "dumsor."
Read more: Seventy per cent of SMEs productivity lost to power crises in Central Region
Benedicta Anita Mensah, Central Regional Manager of the Chamber, underscored the losses in productivity, revenue, and increased operational costs caused by these outages.
Dr. Humphrey Ayim Darke, President of the Association of Ghana Industries (AGI), echoed the need for reliable power to facilitate business planning.
He acknowledged recent improvements but stressed the need for the government to restore confidence in the power supply to "reasonably above 60 to 70%."
Read also: ‘Dumsor’ puts Ghana’s industries at risk – AGI president calls for certainty
“The power stability has been reasonable over the last four or five months. We hope this stability extends beyond a year, giving business owners and industrialists significant assurance,” Dr. Darke stated.
While current indicators are positive, potential power-related issues remain a concern.
Despite ongoing negotiations, Osei-Asare assured that progress has been made with the IPPs.
“We are still in negotiations but have reached some agreements with five IPPs. Both parties are fulfilling their parts of the arrangement,” she confirmed.
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