Ghana loses about $2.2 million daily and $686.4 million annually due to the power crisis.This is according to the opportunity cost per kilowatt analysis by the Institute of Statistical, Social and Economic Research’s (ISSER) Economic Division.
The highlights of the report titled: “Electricity insecurity and its impact on micro and small business in Ghana” was presented at the Economy Ghana Networks workshop.
The head of the Economic Division at ISSER, Dr. Charles Ackah stated that the figure translates to about 2% of national output lost due to the energy crisis.
The report was based on the impact of the power crisis on Micro and Small Enterprises (MSE) only.
The report surveyed over 1, 250 MSE across all 10 regions of Ghana and it was revealed that the crisis has lowered the annual sales of these companies by about 37% to 48%.
It was also discovered that only 20% of all MSEs have backup generators to support their businesses to augment power supply.
Dr. Ackah therefore wants government to show more seriousness in its quest to end the crisis since the chain effects are crippling.
According to him, over 4 million MSEs across the country provide two thirds of all jobs in Ghana.
On his part, the head of the Policy Unit at the Africa Centre for Energy Policy (ACEP), Ishmael Ackah said Ghana needs more than $4 billion each year if truly wants to end the current crisis.
He lauded government’s reforms at the Electricity Company of Ghana (ECG) since the company had failed as an off taker which was stifling efforts to get investment in the power sector.
By: Raymond Acquah/citifmonline.com/Ghana