IMF tells Ghana to hike electricity tariffs

from Ghana Business News..

By Ekow Quandzie

June 23, 2013

The International Monetary Fund (IMF) is calling on Ghana to increase tariffs on electricity.

The Fund’s Executive Board in a statement June 17, 2013 said just as the country took the decision to remove fuel subsidies it should do same for the power supply sector.

The IMF Board believes increasing the electricity tariffs will help solve the country’s energy supply deficit. “They welcomed the decision to remove fuel subsidies and called for similar action to adjust electricity prices, as a crucial step to tackle Ghana’s energy supply problems,” said the IMF after its Board assessed the country’s economy.

The IMF in April this year stated that the current energy crisis in Ghana if not resolved could curtail the country’s economic growth. “Energy sector problems could curtail growth,” the IMF said April 12, 2013 in a statement.

The IMF Board of Directors underscored the need for decisive action to rebuild fiscal and external buffers and reduce public debt, and in particular, stressed the importance of regaining control over the public wage bill.

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