The Chamber of Independent Power Producers, Distributors and Bulk Consumers (CIPDiB),has described the Cash Waterfall Allocation platform provided by the Electricity Company of Ghana as ineffective, starving its members of revenue to meet their obligations.
In a statement to commend the appointment of Dubik Mahama as the Managing Director of the power distributor, the Chamber said it is anxiously waiting for ECG to collect more revenue and make good the debt of over $900 million in good time. The Cash Waterfall Mechanism platform is to help the Chamber manage all the revenue collected by ECG and disburse to all creditors including the IPPs fairly and transparently.
“We appreciate the Cash Waterfall fair allocation platform but it starves us of revenue and has not lived up to the ultimate sufficient revenue allocation expectation to meet our obligations.”
Presently, ECG, is saddled with debts to the IPPs worth about$ 900 million.
“You are helming the ECG at a time that ECG’s sustainability is saddled with debts to the IPPs worth about USD$900 million”.
Whilst, the Chamber congratulated the MD for assuming his new role, it wants Mr. Mahama to live up to expectations by ensuring ECG’s indebtedness to the IPPs is reduced.
It added “whilst we look up anxiously to you to collect more revenue and make good this debt in good time, we wish you the very best and pledge our support, cooperation and willingness to offer suggestions for your success because your success is our success”.
It concluded urging the new MD to build on the healthy relationship he has developed with the IPPs in his then capacity as the Chairman of the Energy Trading Committee of ECG Board.
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