Economy
Ghana raises electricity tariffs by more than 18%
Ghana has raised the average end-user tariff for electricity by 18.36% for the second quarter of 2023, adding on to an almost 30% increase in the first quarter, its utilities regulator said on Wednesday. The West African country is grappling with soaring inflation, debt and a depreciating currency that pushed it to the brink of default. It has sought support from the International Monetary Fund, which is expected to approve a first loan tranche of a $3 billion package on Wednesday.
The tariff hike is due to the net effect of further currency depreciation, inflation and an increase in the cost of gas, the Public Utilities Regulatory Commission said. “Utility companies are under-covering and require an upward adjustment of their rates in order to keep the lights on”, it added, noting that the potential for outages was high.
-
Oil and Gas2 days agoNUPRC vows not to approve divestments that doesn’t meet considerations
-
Finance2 days agoCardoso seeks collaboration to check cross‑border financial risks
-
Oil and Gas2 days agoIran eases Strait of Hormuz transit rules amid oil shock
-
Oil and Gas2 days agoCourt orders forfeiture of $13m linked to Aisha Achimugu’s firm
-
Oil and Gas1 day agoOil falls as reports of 15-point proposal spurs ceasefire hopes
-
Economy1 day agoNigeria to launch trade platform at ports as part of reform push
-
Finance1 day agoCourt nullifies CBN’s regulatory intervention in Union Bank in 2024, rules it acted beyond its powers