Ghana’s Minister for Finance Ken Ofori-Atta says that the Government of Ghana has spent in excess of GH¢4.7 billion to ensure stable supply of electricity in the past three and half years.
The West African nation experienced power crisis between 2012 and 2016 creating discomfort for residential consumers and also resulting in the collapse of businesses.
The five years’ power crisis which started easing in the last quarter of 2016 led to many employees being thrown out of jobs.
According to a research findings by the Institute of Statistical and Economic Research (ISSER) of the University of Ghana, the country lost about GH¢3 billion as result of the power crisis.
The findings which covered between 2012 and 2015 revealed the negative impact of the power crisis on small and medium scale enterprises (SMEs) in particular.
It was established that 885 SMEs lost GHc250m, while 55 folded up with its attendant job losses.
The previous government brought in the Ameri Power and Karpowership and signed contracts with other Independent Powers Powers in an attempt to address the power situation.
However, upon assumption of power, this government, led by President Akufo-Addo raised concerns with some of the deals accusing his predecessor of signing questionable deals.
The government claims it has been paying over 2.5 billion annually for power it does not consumer.
Presenting the 2020 mid-year budget on the floor of Ghana’s Parliament, on Thursday, July 23, 2020, Ghana’s Minister for Finance, Ken Ofori-Atta said the power crisis is now a thing of the past.
“We have relegated ‘dumsor’ to the past. It is clear to our fellow Ghanaians by now that we have enjoyed three and half years of reliable and cheaper power. We have spent in excess of GH¢4.7 billion on capacity payments, not only to ensure that we keep the lights on, but also pay for power we do not use under very questionable contractual obligations we inherited,” he told Ghanaians.