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We believe that the report is being done with 2008 and 2009 as
the reference years. If this is the case, then most of the data and
information used have a lot of factual inaccuracies.
Trade Deficit
Ghana’s trade deficit in 2009 was US$2.2 billion and not US$3
billion as reported by the Forbes Magazine. There was a reduction
in the trade deficit from about US$5 billion in 2008 to the US$2.2
billion that was recorded in 2009.
Settlement of Bills
It is not true that Ghana is struggling to pay its bills. Ghana has
serviced its external and domestic debts regularly and on
schedule without any default. Delayed payments to domestic
providers of some services and contractors have sometimes been
part of cash management challenges that are common in
economic management strategies. This is one of the key issues
that the Government is addressing in its Public Financial
Management Reforms.
Shortages in Energy
The power supply to the Volta Aluminium Company (VALCO) has
not, as it were, been “diverted” anywhere. The fact of the matter
is that Ghana already has substantial electricity supply deficit
which is still being addressed. This is as a result of the low level of
water in the Volta Lake which is due to natural causes and not
mismanagement. The shutdown of the smelter has allowed
conservation of water in the Volta Lake as against the risk of
running down of the water in the dam which generates energy
and sells at ridiculously low rates to the Smelter when it operates
(lower than what the lowest paid residential consumer pays).
Furthermore, with the very low prices for aluminum and world
market conditions, the smelter had no option but to shut down. In
fact, the original managers of the smelter, Kaiser of the USA,
divested its interests in the smelter when it became unprofitable.
Thermal power generation which is very costly, considering the
high international market price of crude oil, is being used to
supplement hydro power generation. It is expected that with the
coming on stream of gas from the West Africa Gas Pipeline and
Ghana’s own gas production, power generation will become less
costly.
Private Investment
The Forbes report indicates that “the Government is discouraging
private investment – economic growth – through policies of crony
capitalism, expropriation or arbitrary enforcement of the laws”.