Finance Minister Dr Cassiel Ato Forson has revealed that the financial situation of the Electricity Company of Ghana (ECG) is just nasty.
He said the government of Ghana, through ECG owes Independent Power Producers (IPPs) $1.73 billion.
The Finance Minister added that ECG also owes suppliers GH¢68 billion.
Ato Forson was speaking on the significant debts owed by various government entities, including the Road Fund, COCOBOD, and the ECG.
Speaking on The Point of View on Channel One TV on Wednesday, March 12, 2025, the finance minister said, “ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GH¢1.5 billion, keeps GH¢500 million, and pays only GH¢1 billion.
“As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GH¢68 billion.”
The Finance Minister noted that the Bank of Ghana (BoG) currently holds a negative equity of GH¢55 billion.
“The Bank of Ghana has a negative equity as we speak under the previous administration. They have a negative equity of GH¢55 billion, and so their balance sheet is such that they will need the government to bail them out with some money so that they will be able to move from a negative equity to a positive equity,” he stated.
According to him, the Road Fund he has uncapped in his 2025 budget presentation on Tuesday owed GH¢5.5 billion.
He added that the Ghana Cocoa Board (COCOBOD) also owes GH¢32 billion.
“Road Fund owing about GH¢5.5 billion, then you have the likes of GETFund, DACF they have their own debt. Then COCOBOD, ECG. COCOBOD owes GH¢32 billion, ECG owes GH¢68 billion. They owe contractors who have done work,” he stated.
He stressed the significant financial challenges inherited from the previous Akufo-Addo-Bawumia administration, underscoring the need for immediate government intervention to stabilise the financial position of the three state institutions to work efficiently.
-ModernGhana News
Parliament to reconvene on May 21 following Easter break
Passengers isolating on cruise after Cape Verde ban over suspected virus deaths
Stop blaming Akosombo inferno for current dumsor — Okoe Boye tells Energy Minist...
President Mahama to host global leaders for high-level reparations conference
Refrain from cheating — United Party advises 2026 BECE candidates
Support us to serve you better — Fire Service urges public
BECE 2026: Minority urges candidates to stay focused
Prisons Service warns public over fake social media accounts soliciting money in...
Fighting racism 'must be at heart of presidential debate', French mayor tells RF...
From this year, persons indicted in the Auditor General’s reports will be prosec...
Comments
So where do all the high electricity tariffs taken from consumers by the former government go? The money was being embezzled into different accounts, which is why so many sources of accounts were discovered.