Business News of 2014-05-27

Businesses on bent knees over power crisis

President of the Association of Ghana Industries (AGI) James Asare Agyei says businesses in the country are gradually crumbling as a result of the never ending energy crisis facing the country.

He said while contending with issues of depreciation of the cedi, business owners now have to grabble with a "worrying" energy crisis. The country is currently facing a major power crisis which has seen electricity being rationed across the country.

As if the outages are not enough, consumers do not even have any idea exactly when their lights will go off. In an unplanned, unannounced fashion, ECG switches the electricity on and off at will, a situation that has left consumers worried all the more.

The power producers and distributors have given several reasons, including periodic maintenance works, limited supply of gas and high cost of light crude oil for the sad state of affairs.

James Asare Agyei told Joy News the situation has become unbearable. According to him, workers who report to work, most often are unable to do anything because power is unavailable.

Such workers, he explained, would still have to be paid even though productivity has decreased.

He said some machines have also developed faults because of the unannounced outages. All these have led to an increase in cost of productivity. James Asare Agyei said workers would soon be laid off if the situation continued.