The Electricity Company of Ghana (ECG), hs disclosed that it incurred a net loss of 860 million dollars due to foreign exchange losses which were primarily caused by the depreciation of the cedi.
The General Manager for Regulatory Management at ECG, Sylvia Noshie disclosed this in ana interview on Point of View on Citi TV.
She said “These IPPS send us invoices which we have to pay in dollars and the PURC dollar rate still remains at 5.3 since the last tariff approval and you can imagine what the exchange rate is today. Last year, ECG incurred 860 million dollars as forex loss so you can imagine if we are getting to pay IPPs at the current market exchange rate.”
She noted that the proposal by the ECG for 148% upward adjustment in tariffs was justified due to this and other factors.
“If the 148 is approved then what it means is that year-on-year we will not need that much increment,” she said.
By: Rainbowradioonline.com/Ghana