Mahama's Alleged 'Reckless' $552M Yearly Sankofa Gas Deal Suffocating Govt. - Owusu Bempah | Politics

Recently, the World Bank Country Director(Ghana), Pierre Frank Laporte talked about losses within the vitality sector of the economic system as one the challenges that pressured Ghana right into a state of affairs the place it's now searching for assist from the International Monetary Fund (IMF).

Speaking in an interview with TV3's Paa Kwesi Asare on the Business Focus, Mr Laporte indicated that losses within the vitality sector are compounding the challenges.

“The huge problem has been on the fiscal facet. Before the present disaster occurred, we noticed sure challenges on the funds facet that basically has been the realm extra hit by the whole lot. Also the place actions are required now to take care of them.

“For occasion, on the income facet now we have at all times been saying that that is an space the place Ghana ought to do higher. We are inspired by the truth that this must be one of many areas for potential program and assist from the World Bank. The downside is fiscal, not simply income.

“The downside is that there are additionally spillovers from different sectors. For occasion, the vitality sector. There is about one billion {dollars} going to the vitality sector due to losses. The sector itself isn't financially viable and to maintain it going you need to subsidize.

“Actions are required. Of course with Covid, the general business environment is been a bit more difficult.”