Business News of Friday, 30 January 2015
Mining Companies are to shed more of the power they consume as part of efforts to manage the country’s deteriorating energy crisis.
Joy Business gathers the firms are to further cut their power consumption – by shedding a little over 30 percent from the initial 25 percent agreed last December.
This means the mining companies would virtually be shutting down their operations every two days but it is unclear how this could ease the ongoing load-shedding for consumers and other businesses.
Meanwhile, the Ghana Mine Workers Union is worried the development could lead to job losses in the industry and therefore intends meeting the mining firms to avert any such repercussion.
General Secretary, Prince William Ankrah, said: “the Chamber of Mines and the mining houses have officially been notified. The reality is that if you look at the extent that the prices of commodities like gold and crude oil are plummeting and that has serious implications for the economy. So I think that I would be appropriate that we take a look at the issues from a different perspective but…”
He was confident a better solution can found when the mining companies and other stakeholders in the energy sector are engaged.
Joy Business sources say the decision for the mining firms to shed more of the power they consume follows a meeting between the Chamber of Mines and government.
The Chamber of Mines is still engaging government to mitigate the impact of the development on the mining industry and the economy as a whole.