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12.05.2007 Business & Finance

Businesses spend $62m monthly on power plants

By myjoyonline

Businesses in the country are incurring costs of more than 62 million dollars a month on power plants for their operations.

The services sector including financial institutions spend over 4.4 million dollars, manufacturing industries 37.3 million dollars, mining 17.4 million dollars while the Agricultural sector is spending more than 2.9 million dollars each month on running their power plants.

The Head of Research at Data Bank Financial Services, Mr Daniel Ogbamey-Tetteh disclosed during the presentation of the results of a preliminary survey on the effects of the energy crisis on the operations of businesses at a forum organized by the Association of Ghanaian Industries.

The President of the AGI, Mr Tony Oteng-Gyasi called on government to act fast and save the situation from getting out of control.

“Even more important for us than the solutions which are coming is the certainty in whatever government tells us. You may not see a big effect now but in the long term the effects may come in two or three years time,” he said.

Minister for Energy Kofi Ada in his response outlined a number of emergency measures government is pursuing to solve the energy problem.

“We have currently installed automation plants that are supposed to give us 50 megawatts of power. As I speak there are additional plants of 20 megawatts have been installed and are being tested and waiting for commissioning. By the 15th we would be able to get 20 megawatts of these plants,” he said.

He said other plants are being airlifted and sites are being prepared for installation work. In all he said 136 megawatts would be added to the nation's power by the end of the month.

Mr Ada said an institution called the Woode Group have promised to bring in 50 megawatts by the end of June.