Financial Analyst, Sydney Casely-Hayford says Ghana is rapidly becoming an expensive nation to live in due to the economic hardships and the frequent increases in utility tariffs.
�Ghana is becoming very, very, very expensive,� he lamented.
According to him, a website he visited which compares the cost of living across countries and �if you go in there and you look at Ghana�s position�you will find that in every indicator, Ghana is always too high in cost, too low on benefits and it�s a frightening thing.�
The Public Utilities and Regulatory Commission (PURC) has increased tariffs of electricity and water to 12.09% and 6.05% respectively for the second quarter of the year using the Automatic Adjustment Formula.
It however announced a deferment of the implementation date from April 1, 2014 to a new date which is yet to be announced.
The Automatic Adjustment Formula is a pricing mechanism based on factors that reflect the actual cost of electricity and water supply.
The PURC started using this formula from January 1 with an upward adjustment in tariffs.
Responding to the recent increment announcement on Citi FM�s The Big Issue, Mr. Casely-Hayford demanded that the PURC should enlighten Ghanaians on �what goes into the formula and how it is calculated.�
He said it will enable consumers to be clear on �what weighting they give to every single item in that formula and how we end up at 12% so we can have an independent view.�
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