Virginia Palmer, the departing US ambassador to Ghana, has expressed grave worries about the Electricity Company of Ghana’s (ECG) financial situation and called for swift and extensive changes to stabilize the utility company.
In an interview that has not yet been broadcast on Channel One TV’s The Point of View with Bernard Avle, Ambassador Palmer called the ECG’s financial situation concerning and mentioned significant losses across the board.
“The ECG is bleeding, exchequer, and it’s bleeding more than we thought. When the Minister of Finance, Dr. Cassiel Ato Forson, spoke at the Economic Dialogue, he said $2.2 billion a year, which is essentially at the scale of the IMF programme. There are losses either at the electricity poles or in the counting rooms, and they are enormous,” she said.
Ambassador Palmer praised President John Dramani Mahama’s recent actions to address the problem, especially the formation of a group to assess the ECG and suggest any required changes.
She emphasized the importance of these measures for Ghana’s economic stability as well as for addressing the ongoing power shortages, known locally as dumsor.
“I was pleased to see President John Dramani Mahama announce a panel to evaluate ECG and what reforms are necessary, and I’m looking forward to seeing the results.”
Palmer emphasized the need for long-term structural adjustments to guarantee the ECG’s effectiveness and financial sustainability, cautioning that further losses would compromise the objectives of the energy sector as a whole.
Source: newsthemegh.com