Ghana's abundant energy results in economic crisis: Costs R6.6 billion

Ghana's abundant energy results in economic crisis: Costs R6.6 billion

- Eskom is currently battling to supply enough power to South Africa resulting in load-shedding which made a slight comeback this week

- In stark comparison, Ghana has an overflow of electricity and gas putting strain on government finances

- As the two countries struggle to balance supply and demand their respective economies are taking a knock

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

The opposite of the South African energy crisis, Ghana has an overflow of power and gas.

BusinessLIVE reports the nation is facing capacity nearing double what it needs and the result is R6.68 Billion in the pockets of independent producers.

The electricity the country doesn't need is adding to the energy sector's liabilities and currently serves as the biggest debt threat.

With Ghana just months out of its 16th bailout program with the International Monetary Fund and elections around the corner, the pressure is on to find a viable solution.

READ ALSO: Eskom reportedly owed millions of rands by 3 neighbouring countries

Meanwhile back in South Africa Eskom is facing a similar but opposite dilemma: producing enough electricity to keep the lights on.

Briefly.co.za reported that load-shedding made a brief return to some portions of the country when power stations experienced breakdowns.

The utility is tasked with restoring its aging fleet of stations as the newest additions, Medupi and Kusile, remain unable to perform properly after delays in construction.

Faced with a monumental debt burden, widespread corruption and mismanagement, Eskom remains a massive threat to the local economy.

Experts estimate that South Africa loses R2 billion per stage, per day that load-shedding takes place at a time where growth is hindered and job scarcity reigns.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel