ECG inefficiencies could send Ghana back to IMF - Prof Bokpin
Prof Bokpin, an economist and Professor of Finance, warned on Saturday on JoyNews' Newsfile that persistent inefficiencies in the Electricity Company of Ghana (ECG) and other state-owned enterprises could push Ghana back to the International Monetary Fund (IMF) for another financial intervention. He stated, "So if we go back to business as usual, it is just a matter of time and we have to resort to the IMF and the World Bank for another level of intervention."
He said Ghana has lost between 2.5% and 3.2% of its Gross Domestic Product (GDP) over the past 15 to 20 years due to inefficiencies in state-owned enterprises, including ECG and the Ghana Cocoa Board (COCOBOD). Prof Bokpin noted that the energy sector places significant pressure on Ghana's fiscal space, with extra-budgetary allocations to cover sector shortfalls sometimes exceeding the combined budgetary allocations of the Ministries of Health, Food and Agriculture, and Education.
Quick Summary
Professor of Finance, Prof Bokpin, has issued a stern warning regarding the persistent inefficiencies within the Electricity Company of Ghana (ECG)
Summary - read the full story for complete context.
Image: MyJoyOnline
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from MyJoyOnline
Related Stories
More from Business & Economy
IMF-backed reforms must tackle Ghana's long-running energy crisis - Prof. Bokpin warns
Economist Prof. Godfred Bokpin warns that Ghana's long-standing energy sector weaknesses threaten fiscal stability, urging deeper reforms beyond
1h ago•4 min read
Ghana: Genser energy buys back Oppenheimer partners' stake as investor exits after five years
Discover how Genser Energy's latest corporate maneuver with Oppenheimer Partners is poised to reshape its regional ambitions.
23h ago•2 min read
IMF warns Ghana's financing needs to exceed 16% of GDP by 2028
Ghana's economic outlook is under scrutiny as the IMF highlights potential financial pressures that could impact the country's stability.
23h ago•2 min read
Illegal mining is threatening Ghana's food security, not just environment - Ghanaian Farmer CEO
Ghana's food security faces an unprecedented threat as illegal mining continues to devastate agricultural lands, prompting calls for urgent policy
1d ago•3 min read
