Current State of ECG’s indebtedness hits GHC 80 Billion

The Electricity Company of Ghana (ECG) is facing a staggering financial crisis, with its debt skyrocketing from GHC 19 billion in 2017 to GHC 80 billion in 2024.

The revelation was made by the Minister of Energy and Green Transition, John Abdulai Jinapor, who expressed deep concern about the company’s financial state. “I am really worried about the ECG,” he stated during an interview with an Accra-based TV station on Wednesday.

Adding to ECG’s financial troubles, a recent investigative report uncovered that over 1,300 containers meant for the company have gone missing at the Tema Port. Prof. Innocent Senyo Acquah, chairman of the committee that conducted the investigation, disclosed that while ECG reported having 2,491 uncleared containers filled with cables and essential equipment, an independent audit found only 1,134, leaving 1,347 unaccounted for. The report further highlighted procurement breaches, including the awarding of contracts to an unlicensed firm to clear the containers.

In response, Minister Jinapor announced plans to launch a criminal investigation into the missing containers. “Let’s get to the bottom of the matter. What we have to do is to launch a criminal investigation into this matter,” he declared. He assured that the Attorney General and the Police would assist in tracing the missing containers and holding those responsible accountable. “The over 1,300 containers cannot vanish into thin air. We will work with the AG and the Police to ensure those responsible are brought to book to retrieve the containers or the monetary value of the same,” he added.

To prevent further financial mismanagement at ECG, the minister pledged immediate reforms, including the decoupling of the company’s procurement unit within a week. “It cannot be business as usual. We are not targeting anybody, but we will make sure whoever is responsible will be held liable,” he emphasized. The investigation into ECG’s procurement failures and financial losses, estimated at GH₵1.5 billion, aims to bring transparency and accountability to the power sector.