The Public Utility Regulatory Commission (PURC) on Tuesday held a meeting with leadership of the various markets in Accra to introduce them to the Commission's refined Automatic Adjustment Formula (AAF).
The PURC is seeking to re-introduce the AAF to address any adverse movement of external factors that affect tariffs.
The forum, attended by representatives of market associations from Makola, Kantamanto, 37, Kwasiaguaso (PWD) and Agbogbloshi aims at enhancing stakeholders understanding before the re-introduction of the formula.
It would also ensure a transparent process leading to the re-introduction of the formula for periodic adjustments.
Mr Eric Obutey, Senior Manager Regulatory Economics, PURC, said the mechanism allowed tariffs to be adjusted periodically taking into account the foreign exchange rate, the current trend of crude oil prices on the international market, the cost of generating and producing electricity and water.
The mechanism was used in the country during 2002 and 2006, but was discontinued even though it proved useful.
Mr Obutey said the AAF would reduce the financial burden on consumers associated with one-time tariff adjustments whilst ensuring the financial viability of the utilities.
It will also enable companies to plan as cost associated with utilities become more predictable.
Nana Yaa Jantuah, Public Relations Manager, PURC said the Commission was undertaking a nationwide education programme on the formula to enhance public appreciation before its introduction.
She said the Commission had already met with some trades associations such as the Association of Ghana Industries, Ghana Chamber of Commerce and Industries.
Nana Jantuah educated the leadership on their rights as consumers and asked them to seek redress for their problems with the utility providers and if unsuccessful bring their complaints to the Commission.
The participants expressed concern about the prepaid meters and extortion for the replacement of credit meters.