Managing Director of the Electricity Company of Ghana (ECG), Samuel Dubik Mahama, has resigned.

Information available to JoyNews indicates that he resigned over personal reasons.

"I have concluded that it is in my best interest to step away for personal reasons," portions of his resignation letter sighted by Myjoyonline.com read.

President Akufo-Addo appointed Mr Mahama in May 2022.

“I also wish to express my sincerest gratitude to the President for the trust placed in me, which has been a significant aspect of my journey here,” the letter added.

His appointment followed the statutory retirement of the former Managing Director, Kwame Agyeman-Budu.

His final days were characterised by seeming bad blood between the Company and the Public Utilities Regulatory Commission (PURC).

One of them is the latest PURC report in relation to the Cash Waterfall Mechanism (CWM) over potential bankruptcy.

• Read also: PURC warns of ECG’s potential bankruptcy in a letter to Presidency and Energy Minister

In a PURC letter addressed to the Presidency, the Energy and Finance Ministers, and other key stakeholders, the Commission's Executive Secretary, Dr Ismael Ackah, highlighted the crisis that is also impacting the operations of the Volta River Authority (VRA), Ghana Grid Company (GRIDCo), and the Bui Power Authority.

According to Dr Ackah, these challenges have led to delays in salary payments and difficulties in covering administrative costs, underscoring the urgency for immediate action.

Despite efforts to improve cash collection through digital and metering programmes and significant tariff increases of over 75% since September 2022, ECG's financial instability persists.

But the ECG said the report left much to be desired.

In expressing disappointment with the PURC’s review of the CWM, ECG said in a statement issued Thursday that the report misrepresents key issues.

According to the ECG, its fuel costs, crucial to maintaining operations, were inaccurately labelled as a “variance,” and while ECG has made significant progress, such as independently procuring fuel, it is framed negatively in the report.

Additionally, ECG said the review overlooks forex losses and delays in payments to Independent Power Producers (IPPs), creating a misleading narrative.

ECG has consequently called for more constructive leadership and accurate reporting from the PURC to foster progress in Ghana's energy sector.