The Minister of Finance, Dr Cassiel Ato Forson has de­scribed Ghana’s energy sector as the biggest economic risk facing the country.

Speaking during a deep-dive session on the Ghana Energy Compact under Mission 300 at the ongoing World Bank/ International Monetary Fund Spring Meetings in Washington DC on Tuesday, he said the sector was burdened with a financial shortfall of approxi­mately $2 billion.

This amount, he said sur­passed the country’s domestic capital expenditure.

“This challenge goes be­yond tariffs. The entire energy value chain requires urgent reform. Inefficiencies, especial­ly in the distribution sector, are being passed onto the ordinary Ghanaian through high tariffs. ECG alone could cut the short­fall by half if it addresses these inefficiencies.” he said.

To bring stability and sustain­ability to the sector, he said cabi­net had already approved private sector participation.

“We have submitted the leg­islative instrument to parliament to enable competitive procure­ment for power plants. These are critical steps toward bringing transparency and sustainability to the sector.” he said.

The Energy Compact, Dr Forson said had come at the right time as it had the potential to make a lasting impact.

“We are hopeful that the process will not be delayed. Time is of the essence. We must act swiftly to turn this around for the good of our economy and the well-being of our people.” he said.

At the heart of the Spring Meetings are meetings of the joint World Bank Group/IMF Development Committee and the IMF International Monetary

 and Financial Committee, where progress on the work of the insti­tutions is discussed.

 Other featured events include regional briefings, press con­ferences, and fora focused on international development, issues of debt, economic recovery, and private sector mobilization.

 The Minister of Finance, Dr Cassiel Ato Forson, is leading Ghana’s delegation to the 2025 IMF and World Bank Spring Meetings in Washington, D.C which started on Monday.

“Our mission here is clear. We are here to tell Ghana’s reset story, a story of hard choices, bold reforms, and a firm commitment to rebuilding our economy in a way that is fair, sustainable, and inclusive,” the Minister said in a post on X on Monday.

“Throughout this week, I will be participating in a number of important meetings. These include engagements on the global economy, job cre­ation, energy access, and food security,” he said.

He said “I will also be hold­ing discussions with development partners, private investors, and in­ternational financial institutions.”

One of the key highlights of the trip, the Minister said would be a meeting with the Managing Director of the IMF, Kristalina Georgieva.

“We will discuss Ghana’s progress, our reform agenda, and how the IMF can continue to support our vision for a stronger and more resilient economy,” he said.

Dr Forson said “I will also be meeting with representatives from the Paris Club, credit rating agencies, the U.S. Treasury, and several others. In every engage­ment, I will be presenting our case clearly: Ghana is taking responsibility, acting boldly, and staying the course.”

Ghana secured a staff-level agreement with the IMF on the fourth review of our ongoing programme last week.

The agreement, when ap­proved by the Board, will unlock approximately 370 million dollars to support our economic recovery.

Dr Forson said “What is es­pecially important to note is that this progress was achieved despite several structural benchmarks and quantitative targets being missed before we assumed office.

The achievements he said was a testament to the tireless work that the new administration had put in over the last few months to reverse the fiscal slippages we inherited.

“We took bold steps, some ahead of schedule, to stabilise the situation,” he said.

He said “One of our immedi­ate priorities has been to address the large build-up of payables in 2024, which resulted in a primary deficit much larger than what had been programmed. We have acted decisively to fix this.”

“We have commissioned the Auditor-General and other over­sight bodies to audit all outstand­ing payables and commitments,” he said.

This process, Dr Forson said would help us determine their legitimacy and recommend the necessary corrective actions.

The audit he said would be completed in eight weeks.

BY TIMES REPORTER

Telecel Ghana has strike a strategic partnership deal with Electromart, as the electronics retail company opens a new ultramodern shop at Bayview Village, Atomic Junction, in the Haasto enclave of the Greater Accra Region.

The partnership forms part of Telecel’s commitment to expand­ing its retail footprint and ensuring convenient access to essential tele­com services across the country.

Customers visiting the new Electromart outlet can now access a wide range of Telecel offerings, including the purchase of SIM cards, SIM card registrations, Telecel Cash registrations, Fixed Broadband subscriptions, as well as the purchase of 4G Jumbo Rout­ers and Mi-Fi devices all under one roof.

“This collaboration with Electromart reflects our ongoing drive to be present where our customers are, making it easier for them to stay connected and enjoy our full range of services,” Samuel Sarpong, General Manager for Sales & Distribution at Telecel Ghana said.

“The new Haasto location is not just a retail point, but a touch­point for delivering unmatched customer experience and service convenience,” he said.

The new Electromart’s outlet provides a state-of-the-art shop­ping environment, and Telecel’s presence in the space ensures that patrons can enjoy one-stop access to technology, appliances, and mobile services.

The collaboration is expected to increase customer engagement and enhance service accessibility in one of Accra’s fastest-growing communities.

This initiative also ties into Telecel’s broader mission of driv­ing digital inclusion by providing reliable connectivity and accessible mobile financial services in more communities across the country.

Customers in and around Atomic Junction, Haasto, and its surrounding communities are en­couraged to visit the Electromart shop at Bayview Village to access Telecel’s suite of offerings – from SIM activations to broadband installations, and from Mi-Fi and router purchases to mobile money services