The Public Utilities Regulatory Commission (PURC) has refuted media reports claiming that the Electricity Company of Ghana (ECG) is on the brink of bankruptcy, describing the reports as misrepresentations.
According to the PURC, the reports wrongly attributed warnings about ECG’s financial collapse to its Executive Secretary, Dr. Ishmael Ackah. In a statement signed by its commissioners, the Commission clarified that no such warning had been issued regarding ECG’s bankruptcy.
The Commission emphasized that the media reports circulating on September 18, suggesting a financial crisis at ECG, were inaccurate and misreported.
These false claims stemmed from several media outlets that alleged PURC had expressed concerns over ECG’s financial state, attributing a looming financial collapse to the Commission’s leadership.
However, PURC explained that the financial concerns about ECG were initially raised by ECG’s own management in a letter to the presidency and the Minister of Energy.
The Commission urged the public to rely on accurate information and avoid misleading reports.
“The ECG, in a letter to the Honourable Minister of Finance, referenced MD/MOF/V.10/018 and dated August 26, 2024, expressed serious concerns about their financial situation, warning that ‘if not addressed promptly, this could lead to severe financial instability and potential bankruptcy for ECG,’” the statement noted.
PURC further clarified that the media reports wrongly suggested the Commission had independently raised the issue of bankruptcy without any prior appeal from ECG.