Kwabena Donkor, Power Minister
Ghana loses about $2.2 million daily and $686.4 million annually due to the power crisis.
According to a study conducted by the Institute of Statistical and Economic Research (ISSER), the figure translates to about 2 percent of national output lost.
The Economic Division of ISSER obtained the figures using the Opportunity Cost per Kilowatt analysis.
The report was based on the impact of the power crisis on Micro and Small Enterprises (MSE) only.
This is the first time a comprehensive study has quantified in monetary terms losses suffered by businesses since the power crisis began three years ago.
The report surveyed over 1, 250 MSE across all 10 regions of Ghana, and it was revealed that the crisis has lowered the annual sales of these companies by about 37 percent to 48 percent.
It was also discovered that only 20 percent of all MSEs have back-up generators to support their businesses to augment power supply.
Presenting the highlights of the report titled, ‘Electricity insecurity and its impact on micro and small business in Ghana,’ Dr. Charles Ackah, Head of the Economic Division at ISSER, charged government to show more seriousness in its quest to end the power crisis since the chain effects are crippling.
According to him, over four million MSEs across the country provide two thirds of all jobs in Ghana, adding that the power crisis would lead to the dismissal of a number of employees.
Ishmael Ackah, Head of the Policy Unit at the Africa Centre for Energy Policy (ACEP), for his part, said the country needs about $4 billion each year to effectively deal with the power crisis and permanently bring it to an end.
By Cephas Larbi
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