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25.06.2019 Business & Finance

Chamber of Commerce Fumes Over Tariff Increment

Chamber of Commerce Fumes Over Tariff Increment
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The Ghana Chamber of Commerce has expressed disappointment at the recent 11.17% increment in electricity tariffs which is expected to take effect from July 1, 2019.

Speaking in an interview with Starr FM's Morning Show host, Francis Abban on Tuesday, the Chief Executive of the Chamber of Commerce, Mark Aboagye said the increment has affected the foundation of most business in the country.

According to him, the Public Utility Regulatory Commission (PURC) should have given businesses not less than 3 months to adjust.

"There are some companies that pay about Ghc 1 million per month as electricity bill. Some even pay more. I think the PURC is not being fair to businesses. 9 days is not enough time to adjust,” he said.

He also appealed to the Commission to suspend with immediate effect implementation of the upward review of tariff hikes in the country.

However, the PURC on Friday, announcing the tariff, explained the review has become necessary to prevent under-recovery of revenue.

“For the tariff review, the exchange rate that we use is 5.05 and you know that this is the kind of exchange rate that we have on the market. The rate of inflation has gone up. The price build-up for electricity tariff, you have the forex component and the cedi component."