The Public Utility Regulatory Commission (PURC) will issue its quarterly tariff adjustment later this week.
The review is set to go into effect on January 1, 2023.
PURC alters tariffs to reflect changes in macroeconomic indicators such as inflation and currency rate.
The regulatory authority's examination will result in either an upward or downward modification.
Head of Research and Cooperate Affairs at the PURC, Dr. Eric Obutey said: "The cedi's rate versus the dollar and inflation are some of the problems we aim to rectify utilizing the quarterly tariff adjustments. We should expect an announcement before the end of 2022, because it is meant to take effect on January 1st."
The PURC announced earlier this year a 27.15% rise in energy tariffs and a 21.55% increase in water tariffs, both starting September 1, 2022.
This occurred after utility providers including the Electricity Company of Ghana and Ghana Water Company Limited suggested an increase in prices by 148% and 334% respectively.
Despite the rising cost of living, the authorities justified an increase in charges.
It added that the decision was reached following thorough study and extensive talks with industry participants, as well as an evaluation of consumer economic situations.
The ECG has recommended that its prices be increased by 148% for 2022 and with 7.6% average changes between the periods of 2023 to 2026.
The substantial rise, according to the ECG was attributable to the discrepancy between the actual cost recovery tariff and PURC-approved prices as well as the cost of completed projects.
The GWCL further said that while the average rate per cubic metre in 2019 was 1.27 USD, it was cut to USD 1.13 due to cedi devaluation.
The GWCL stated that this has hampered its capacity to repair and replace ageing and outdated equipment and pipes.