Poor power headache for industry

Business News of Friday, 16 November 2012 Source: thebftonline The Association of Ghana Industries’ Business Barometer report for the third quarter of the year indicates that poor power supply is the topmost challenge for business operators in the country.According to respondents to the report, the combined effect of frequent power outages and regular power surges from July to September 2012 has resulted in an increase in the unit cost of production.Poor power supply moved from seventh in the second quarter to first in the third quarter, making it the biggest mover within the period. This development can be attributed to the load-shedding exercise embarked upon by the Electricity Company of Ghana over the last four months, the report said.The depreciation of the cedi and high level of taxation were ranked second and third respectively after poor power supply.The AGI says the power supply situation is “worrying”, calling for government to act on the matter.“The AGI considers interdependence of industry and energy as a necessity if the country is to attain upper middle-income status in the next three years