Audio By Carbonatix
The Ranking Member of the Energy Committee of Parliament, John Jinapor, has disclosed that the Electricity Company of Ghana (ECG) is grappling with a colossal debt of $1.5 billion.
According to Mr. Jinapor, this massive debt is primarily due to ECG's failure to meet its financial obligations to Independent Power Producers (IPPs) and its inability to settle bills for purchased electricity in full.
Additionally, Mr. Jinapor criticised ECG for what he sees as wasteful spending on items like cables, malfunctioning meters, and what he considers unnecessary contracts.
Pointing to a report from the Public Utilities Regulatory Commission (PURC) that he has reviewed, Mr. Jinapor highlighted instances where ECG allegedly mismanaged funds, diverting significant sums away from debt repayment to other expenditures.
In a media interview, Mr. Jinapor urged ECG to provide transparent explanations for the recent power outages experienced by Ghanaians.
“ECG owes $1.5 billion, when they take the money from Ghanaians, they fail to pay the IPPs and use the funds to do whatever they want with it and they fail to pay the full price of the power they purchase and PURC has brought a report that when ECG comes in possession of a substantial amount of money they refuse to pay the debt they owe, they spend the money recklessly, and this is an official report from the PURC.
“Some of the things they buy, they don’t even need it, and now they want to be buying fuel, which is not even their core duty, all these are a reason the finances aren’t adding up,” he said.
Latest Stories
-
MTN Ghana hands over hampers to 25 newly born ‘bronya’ babies at Cape Coast Hospital
31 minutes -
Kwanpa Band thrills patrons as Joy FM Family Party in the Park
48 minutes -
Lawyer arraigned over alleged GH¢800k excavator fraud
1 hour -
U.S. Commerce flags Ghana’s new mining policy, port delays affecting American firms
1 hour -
This Saturday on Newsfile: Constitution review report and AG’s ORAL drive
1 hour -
Joy FM Party in the Park kicks off as patrons flock in amid growing excitement
2 hours -
Ghana, 2 others to see strong absolute growth in electricity consumption – Fitch Solutions
2 hours -
Return to bond market on gradual basis – IMF to government
2 hours -
Activist Felicity Nelson brings Christmas comfort to Accra Police cells
3 hours -
Obuasi Bitters Luv FM Nite with the Stars thrills Kumasi on Christmas Day
3 hours -
4 banks including one state bank remain severely undercapitalised – IMF
3 hours -
Police arrest 28-year-old with 98 parcels of suspected cannabis in Tamale
3 hours -
Does Goldbod owe BoG US$214m, or has BoG lost US$214m? A policy and financial risk analysis
5 hours -
US Congressman says airstrikes first step to ending killings in Nigeria
6 hours -
Afenyo-Markin urges NPP to move from talk to action after 2024 election loss
6 hours
