Electricity and water rates would increase by 29.96% and 8.3%, respectively, as of February 1, 2023, according to the Public Utilities Regulatory Commission.

According to PURC, both the depreciation of the cedi and the present inflation rate make this necessary.

The commission claims that four important variables were taken into account while determining the rate for the first quarter of 2023.

According to a press release on January 16, "they were the Ghana Cedi/US dollar exchange rate, inflation, generation mix, and the weighted average cost of natural gas."

It however added that since the increment in the last quarter of 2022, the various indicators have changed significantly therefore utility companies are “under-recovering and require an upward adjustment of their tariffs in order to keep the lights on and water flowing.”