By Mabel Annang
The Africa Center for Energy Policy, ACEP has issued a strong call for the immediate resignation of the current management of the Electricity Company of Ghana, ECG due to the company’s persistent financial losses.
ACEP highlights the significant financial burden imposed on government by ECG’s underperformance, with estimated losses totaling US$8.25 billion between 2019 and 2023.
During a Presser on developments in the energy sector Policy Lead for Petroleum and Conventional Energy Kodzo Yaotse emphasized that the current management’s failure to address these issues has resulted in a substantial drain on public resources.
He urged government to replace the existing leadership with a team capable of implementing effective reforms and improving ECG’s financial sustainability.
Mr. Yaotse alleged that, ECG has been reporting exchange rates to the cash waterfall committee that are substantially higher than the inter-bank rate.
This manipulation has resulted in a net exchange loss of approximately GHS 6.5 billion in 2022 and GHS 7 billion in 2023.
