IMF reveals Ghana’s energy sector arrears to hit $12.5bn by 2023

The arrears accumulated by Ghana's energy sector is projected to hit USD 12.5 billion by 2023 if the current fiscal risk from the sector remains unchecked.

This project was made by the International Monetary Fund following conclusion of the 2019 Article IV Consultation with Ghana. The accumulated cost to the government including current arrears could reach USD 12.5 billion by 2023 in absence of measures to address the energy sector financial problems, the International Monetary Fund noted, APA News noted. The said amount is driven by a power sector structural deficit coupled with costly contracts that are set to become effective in 2020.

The constant evaluations of the Ghanaian economy by the Bretton Woods Institutions have some of the hawks in the ruling New Patriotic Party including Member of Parliament for Assin Central in the Central Region Kenneth Agyapong heavily criticising the institutions.

The International Monetary Fund (IMF) is being accused of wanting Ghana's President, Nana Akufo-Addo's government to lose the 2020 elections.