Global consultancy Deloitte has cautioned that Ghana’s energy sector reforms require stronger integration with broader economic policies to prevent undermining recent stability gains.
In its analysis of the 2025 Mid-Year Budget, the firm acknowledged government efforts to restructure crippling sector debts but highlighted the absence of a comprehensive debt management strategy as a critical flaw.
“An enhanced debt management plan is crucial to systematically reduce legacy debts and prevent future accumulation,” Deloitte stated, noting that unresolved liabilities to Independent Power Producers and suppliers could trigger tariff hikes, infrastructure delays, and increased government borrowing. These costs often transfer to taxpayers through levies including the $2.3 billion Energy Sector Levy Act collections since 2021 risking inflationary pressure despite current improvements (19% inflation in Q2 2025).
The consultancy emphasized that transparency in revenue allocation is non-negotiable. Without accurate tracking of electricity tariff collections and levy disbursements, investor confidence in new projects may erode. Deloitte urged regular audits to maintain fiscal discipline, arguing reforms must transform the sector from a “fiscal black hole” into an engine for growth and jobs.
While supporting initiatives like the ongoing IPP debt restructuring, Deloitte stressed that isolated energy fixes could prove counterproductive unless anchored to macroeconomic stability. “These developments must be viewed within the broader context,” it concluded, warning piecemeal solutions risk adding new financial burdens.
