The Akufo Addo adminstration upon its recommendation to the the Ghana Grid Company (GRIDCO) is set to reduce electricity tariffs which began yesterday March 15 by 10% to 30%.

The reduction according to the government is to help reduce the burden of electricity tax on the businesses as well as Ghanaians in General.

However, GRIDCO has stated that the country by this move is set to lose an amount of GHC 300 million in revenue as it was announced by the  Public Utility Regulatory Authority (PURC).

Jonathan Amoako-Baah who is the Chief Executive Officer (CEO) of GRIDCO has expressed worries over the fact that the company's financial status will be heavily affected by the move.

He said said the situation will worsen if the financial situation “if we do not introduce prudent measures that will include a reconsideration and review of some aspects of our budget for this year”.

“Over the last few years, our company has been going through a period of austerity. As if that is not enough, the recent tariff announcement by the PURC resulted in a 17 per cent reduction in our transmission service charge. This means revenue for 2018 will drop by the same percentage points or more,” Mr Baah stated

Speaking at a conference in Kumasi on the theme “Promoting Occupational Safety and Health; The Quest for Building a Safety Culture”, Mr Baah added that “a company with a strong safety culture boosts its finances and service delivery and makes a lot of savings in revenue that would have gone into payment of workman’s compensation, repairing or buying new equipment and having a large number of staff reporting sick, among others as a result of poor health and safety practices".

Ghanaguardian.com