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Business News of Monday, 29 February 2016


Akufo-Addo: 4yrs of load shedding cost $3 billion

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The failure of the governing National Democratic Congress (NDC) to solve the load shedding exercise for four years cost the nation a whopping $3 billion, flagbearer of the New Patriotic Party (NPP) Nana Akufo-Addo has revealed.

“According to the reputable Institute for Social, Statistics and Economic Research (ISSER), ‘dumsor’ cost the country, financially, $608million in 2014 alone, equivalent to 2% of GDP,” he stated.

This was part of his address to party supporters and other dignitaries at the College of Physicians and Surgeons in Accra dubbed: ‘The Real State of the Nation Address’ on Monday 29th February, 2016.

Nana Akufo-Addo also stated that businesses “whose operations rely on electricity were all brought to their knees as a result of four years of dumsor”.

He said companies like Coca-Cola, Mantrac, Cadbury, Novotel, Golden Tulip, and several others had been forced by the cost of load shedding to lay off workers.

Additionally, Juapong Textiles had to lay off 1400 people, saying all these would have dire consequences on the families who rely on these workers for survival.

He also criticised the “recent tariff increments to exorbitant levels”. According to him, “humans are faced with vanishing power credits and illegal charge for electricity” which he felt was inappropriate.

He pointed out that the President Mahama government caused the load shedding problems and cannot seek for applause even if they solve the energy problems.

“The person wants us to give him credit for resolving ‘dumsor’, which was caused by the economic and financial mismanagement by his own government. How can you expect credit for a problem you created?” he asked.

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