The Institute of Social, Statistical and Economic Research says Ghana loses about $2.2m daily or $686.4 million yearly due to the power crisis.
A study conducted by the Institute of Statistical, Social and Economic Research (ISSER) has revealed that businesses lose about $686.4 million annually due to the incessant supply of electricity which has plagued Ghana over the past three years.
According to ISSER, the crisis has lowered the annual sales of Small and Micro businesses by about 37% to 48%. These figures were arrived at following the Opportunity Cost per Kilowatt analysis by ISSER's economic division.
Presenting highlights of the report titled "Electricity insecurity and its impact on micro and small business in Ghana", Head of the Economic Division at ISSER, Dr. Charles Ackah, stated that this translates to about 2% of national output lost due to the current crises..
This is the first time a comprehensive study has quantified in monetary terms, losses suffered by businesses since the power crises began.
According to the opportunity cost per kilowatt analysis by ISSER’s Economic Division, the figure translates to about 2% of national output lost due to the energy crisis.
The report was carried out on over 1, 250 SMEs across all 10 regions of Ghana and it was revealed that the crisis has lowered the annual sales of these companies by about 37% to 48%.
The report dubbed: “Electricity insecurity and its impact on small business in Ghana” said only 20% of all MSEs have backup generating sets to support their businesses anytime the power goes off.