High cost of power is inimical to industries – Akpeloo

Mr Tsornam Cleanse Akpeloo Greater Accra Regional Chairman of Association of Ghana Industries has stated that high cost of electricity is inimical to the development and growth of industry in Ghana.

He said power constituted about 30 per cent of the production process and therefore high cost of the commodity in Ghana gave other
countries such as Ethiopia and South Africa the comparative advantage.

Mr Akpeloo stated this in a two-day seventh Ghana International Trade and Finance conference(GITFiC) in Senchi in the Eastern Region.
The conference among other things held panel and consultative discussions and had media engagements on some pertinent issues in the African continent.

It was attended by patrons from at least 10 African countries.

Mr Akpeloo said while Ethiopia was charging 6 cents per kilowatts per hour, Ghana was currently charging 16 cents per kilowatts per hour which was having negative repercussions on Ghanaian Industries.

He said unfortunately, most of the Ghanaian Industries were Small and Medium Enterprises that could not afford high cost of electricity, water and other materials.

“Another headache in the Trade and production sector isbecause every level of production is tied up to the dollar and so the appreciation of the dollar against African currencies become suicidal to their industries.”