PURC debunks ECG bankruptcy claims

The Public Utilities Regulatory Commission (PURC) has refuted media reports suggesting that the Electricity Company of Ghana (ECG) is on the brink of bankruptcy.

This response comes after multiple media outlets on September 18, 2024, attributed ECG's financial troubles to insolvency, citing statements from PURC's leadership.

In a rejoinder released by the Commission, it clarified that the initial reports were largely incorrect and that it had not issued any warnings regarding ECG's bankruptcy.

To provide further context, PURC explained that the concerns about ECG's financial situation were first raised in a letter from ECG's management to the presidency, with the Minister of Energy copied.

“The ECG in a letter to the Honourable Minister of Finance, referenced MD/MOF/V.10/018 and dated 26th August 2024, with the subject: 'Request for Buffer Period for Cash Build-Up, expressed serious concerns regarding their current financial situation and warned that 'this situation if not addressed promptly could lead to severe financial instability and potential bankruptcy for ECG',” PURC said.

“The media publications wrongly created the impression that the Commission on its own originated the issue of bankruptcy without an initial appeal from ECG,” the Commission pointed out.

PURC urged the public and media to verify information from its office to avoid relying on misleading reports.

See the full rejoinder below:



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