GNCCI Calls for Reduced Utility Tariffs in Quarterly Review
The Ghana National Chamber of Commerce and Industry (GNCCI) has met with the Public Utilities Regulatory Commission (PURC)
The discussions were intended to address the detrimental effects of recent electricity and water tariff increments of 29.96% and 8.3% respectively, set to take effect on February 1st, 2023.
During the meeting, President of the GNCCI Clement Osei-Amoako emphasized the detrimental effects these increases would have on the country's already struggling economy and urged the Commission to consider lowering the tariffs. He also appealed to the government to assist utility companies in investing to reduce the cost of electricity and water.
Although the meeting did not result in a reversal of the tariffs, PURC Executive Secretary Dr. Ishmael Ackah acknowledged the challenges the increases would bring and stated that the PURC would be open to further quarterly adjustments and engagement.
Unsatisfied with the outcome, GNCCI has decided to petition Parliament's Select Committee on Mines and Energy regarding the PURC's decision. The increasing number of job losses and high unemployment rate in the country are major concerns that must be addressed immediately. Maintaining a positive business environment is crucial for job creation and private sector growth.
The government is operating within a constrained fiscal space as a result of higher expenditure, decreased revenues, and large national debt stock. Nonetheless, there is a strong desire to build a sustainable domestic industrialisation economy through its “Restoring and Sustaining Macroeconomic Stability and Resilience through Inclusive Growth & Value Addition” as captured in the 2023 Budget Statement and Economic Policy.