The International Monetary Fund (IMF) has backed the Finance Minister’s view that inefficiencies in Ghana’s energy sector represent the most significant threat to the country’s economic stability.
The IMF Mission Chief for Ghana, Stéphane Roudet reiterated the Fund’s persistent concerns over the sector’s financial weaknesses, noting that energy sector reform remains a key pillar of Ghana’s IMF-supported program.
Speaking to Ghanaian journalists during the recently concluded IMF Spring Meetings in Washington, D.C., Roudet underscored the importance of addressing the gap between the revenue collected by the Electricity Company of Ghana (ECG) and the actual cost of electricity production, a long-standing issue since the start of the program.
“We knew from the beginning of the program that there were challenges related to the energy sector. The main challenge is that you have a large difference between what ECG can collect in terms of bills and the costs that are generated in the sector, that’s what we refer to as the energy sector shortfall,” he noted.
He also conveyed optimism regarding the government’s ongoing efforts and commitments to achieving the program’s objectives.
