Energy Surplus Leaves Ghana Paying for Power It Doesn’t Need

Ghana has too much power and gas, and that’s a bad thing for government finances. With capacity that’s almost double the country’s peak demand needs, Ghana’s electricity utility has to pay independent producers about $450 million every year for energy that it doesn’t need or use, Bloomberg News reported. This adds to the sector’s liabilities, which are the biggest debt threat to a nation that seven months ago completed its 16th bailout program with the International Monetary Fund. Finance Minister Ken Ofori-Atta, who will present the 2020 budget next week, has warned that the sector’s “unsustainable” liabilities may amount to $12.5 billion -- about a fifth of gross domestic product -- by 2023 from about $2.5 billion in January. Read more