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Business News Mon, 8 Jun 2020

ECG legacy debt cleared – MD confirms

The Managing Director of Electricity Company of Ghana (ECG), Kwame Agyemang-Budu is confirming that a total of GH¢2.63 billion legacy debt owed the utility company has been cleared.

The Minister of Energy, John Peter Amawu, recently told the media at a press briefing in Accra that the government had paid the full amount of electricity bills as at December last year, and currently had a credit balance of GH¢500 million with the power distributor.

According to him, an annual payment of GH¢2 billion was made to the ECG from 2017 as part of programme to remain current on bills expected to be paid by the government.

Taking his turn to address a Facebook live session hosted by NPP Loyal Ladies, Mr. Agyemang-Budu said indeed the Akufo-Addo government had cleared all debts inherited from the previous administration by paying GH¢2 billion every year since assuming office.

He stated that the ECG, in the last three and a half years, had improved on its revenue collections and minimized its losses, which development had accounted for the registering of the profit margins.

The ECG boss attributed the increase in revenue mobilization to the “ECG power” app which affords consumers the luxury to purchase power at the comfort of their homes.

Mr. Agyemang-Budu commended the government for ensuring stable power supply in the country, and added that this had helped to bring back some businesses on their feet.

He mentioned the spate of illegal connection, power theft and delay in payment of bills as some of the challenges faced by the power company. “Loyal Ladies live” is an interactive live session manned by NPP Loyal Ladies on its social media handles.

The session provides a platform for appointees of President Akufo-Addo ’to engage Ghanaians on how they have executed their mandates in the last three and a half years ahead of this year’s elections.
Source: Daily Guide Network
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