Electricity consumers shortchanged - Research

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• PRINCE KWASI ADADE ( OFIE P33 ) 9 years ago

  DR BAWUMIA ,THE ECONOMIC PROPHET, ON THE $250 MILLION NDC TOOK OUT OF THE $1BILLION EUROBOND FROM BOG AND DEPOSITED FOOLISHLY & NONSENSICALLY AT THE UNITED BANK OF AFRICA (UBA)--------READ BELOW------ Beyond the issue of lega ...
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  DR BAWUMIA ,THE ECONOMIC PROPHET, ON THE $250 MILLION NDC TOOK OUT OF THE $1BILLION EUROBOND FROM BOG AND DEPOSITED FOOLISHLY & NONSENSICALLY AT THE UNITED BANK OF AFRICA (UBA)--------READ BELOW------ Beyond the issue of legality, there is the issue of prudence in the management of Ghana’s resources. How do you go and borrow money for 10.75% (US dollar) and give it to someone to lend it to you at over 20% (GHC)? In effect you are paying over 30%! Assuming stable exchange rates, Ghana will be paying additional interest of at least $50 million a year on this transaction. It really is reckless. The government is claiming that the funds were “idle”. Really? What does that mean? Why do you borrow funds and pay interest on it if you do not have use for them at the moment? It is clear that the GIIF does not have a portfolio of projects ready to invest in and it is weird to allocate a whopping sum of $250 million to them at this time. Is the Minister aware that the country owes N-Gas some $100 million? What about other contractors who are owed money by the government? How can you owe so much, have so much to do and yet claim to have “idle” borrowed funds? The allocation of such an amount to a private bank also has major macroeconomic consequences for a relatively small economy like Ghana. It increases the deposits of the banking system and ultimately the money supply. It has inflationary and exchange rate depreciation consequences and would make it more difficult for the government to meet its inflation target. I am surprised that the government is oblivious of these consequences. The Funds should stay at the Bank of Ghana. After all the Bank of Ghana, on its own or through its external fund managers of the caliber of internationally reputable banks like UBS, JP Morgan, Citibank, Merrill Lynch etc. can undertake whatever investment of the country’s foreign exchange that the government would like it to undertake

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• OLD SOLDIER 9 years ago

  DR BAWUMIA ,THE ECONOMIC PROPHET, ON THE $250 MILLION NDC TOOK OUT OF THE $1BILLION EUROBOND FROM BOG AND DEPOSITED FOOLISHLY & NONSENSICALLY AT THE UNITED BANK OF AFRICA (UBA)--------READ BELOW------ Beyond the issue of lega ...
  read full comment

  DR BAWUMIA ,THE ECONOMIC PROPHET, ON THE $250 MILLION NDC TOOK OUT OF THE $1BILLION EUROBOND FROM BOG AND DEPOSITED FOOLISHLY & NONSENSICALLY AT THE UNITED BANK OF AFRICA (UBA)--------READ BELOW------ Beyond the issue of legality, there is the issue of prudence in the management of Ghana’s resources. How do you go and borrow money for 10.75% (US dollar) and give it to someone to lend it to you at over 20% (GHC)? In effect you are paying over 30%! Assuming stable exchange rates, Ghana will be paying additional interest of at least $50 million a year on this transaction. It really is reckless. The government is claiming that the funds were “idle”. Really? What does that mean? Why do you borrow funds and pay interest on it if you do not have use for them at the moment? It is clear that the GIIF does not have a portfolio of projects ready to invest in and it is weird to allocate a whopping sum of $250 million to them at this time. Is the Minister aware that the country owes N-Gas some $100 million? What about other contractors who are owed money by the government? How can you owe so much, have so much to do and yet claim to have “idle” borrowed funds? The allocation of such an amount to a private bank also has major macroeconomic consequences for a relatively small economy like Ghana. It increases the deposits of the banking system and ultimately the money supply. It has inflationary and exchange rate depreciation consequences and would make it more difficult for the government to meet its inflation target. I am surprised that the government is oblivious of these consequences. The Funds should stay at the Bank of Ghana. After all the Bank of Ghana, on its own or through its external fund managers of the caliber of internationally reputable banks like UBS, JP Morgan, Citibank, Merrill Lynch etc. can undertake whatever investment of the country’s foreign exchange that the government would like it to undertake

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• Ampere 9 years ago

  Don't let them BS you about faulty meters. The gross overcharging is plain fraud, pure and simple.

  Don't let them BS you about faulty meters. The gross overcharging is plain fraud, pure and simple.

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• Watts 9 years ago

  I'm paying GHC 30 daily for a one-bedroomed flat!

  I'm paying GHC 30 daily for a one-bedroomed flat!

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• USMAN 9 years ago

  Mahama is eager to recoup the Karpower investment.

  Mahama is eager to recoup the Karpower investment.

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• Slyster 9 years ago

  Well sanjay the head of the ndc puppies ,you can't be silent speak up your mahama is useless and heartless.

  Well sanjay the head of the ndc puppies ,you can't be silent speak up your mahama is useless and heartless.

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• Tijani 9 years ago

  It is very serious at Cape coast and it environs. The president should help now and not to wait till the election get closer.

  It is very serious at Cape coast and it environs. The president should help now and not to wait till the election get closer.

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• ADJEI 9 years ago

  I am tending to believe that there is an attempt to sabotage the government and make it unpopular. The silence of groups like IMANI and others is very curious. Government appointees are also playing with the issue thinking th ...
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  I am tending to believe that there is an attempt to sabotage the government and make it unpopular. The silence of groups like IMANI and others is very curious. Government appointees are also playing with the issue thinking that it is politics as usual where you need to defend any opposing view as coming from the NPP. NDC people are also crying Wake up Mr Minister and save John Mahama from further embarrassment. There is double accounting or a constant factor somewhere in the programme. This meters are no more manual or analog meters we had years ago. With digital smart meters someone can easily insert a programme to rip customers or make others not to pay much.
  John Mahama do something at the ECG/PURC now.

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• Obuamah 9 years ago

  Please Mr President, don't allow electricity tariffs to lead your party into opposition. Don't allow Seth Terkper to cause you the elections. He has no constituency. What is it about all these taxes without any sympathetic c ...
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  Please Mr President, don't allow electricity tariffs to lead your party into opposition. Don't allow Seth Terkper to cause you the elections. He has no constituency. What is it about all these taxes without any sympathetic consideration for the ordinary people? My pain is that unknown to the president, I know of so may die-hard NDC supporters who have vowed not to vote for the party just because of electricity tariffs. There could be several thousands out there. Policies are there for humans and not the other way round. Mr President please do not listen to the sycophants around you. The truth is that you are losing power gradually in spite of all your laudable development efforts, all because of the electricity tariffs which is decimating households. The earlier something is done the better. July will be too late. Anything must be done to retain power.

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