The ECG, according to ‘The Evening News’ is so much indebted to local and foreign companies to the extent it can collapse and fold up any moment.
“As at December 2000, the ECG owed the Volta River Authority (VRA) alone 305 billion cedis.” It said.
The debt reportedly, was incurred as a result of inefficiency in revenue collection and low tariffs among others. It is believed that the problem could also be attributed to inefficient mismanagement and lack of supervision over the years with some top executives alleged to be embroiled in shady deals that compounded the crisis.
The company’s managing director, Chief M.D. Adam, even though, not the director of materials, reportedly purchased most items with out consulting the scheduled officer. Contracts were also allegedly, awarded to favourites and to some of the directors themselves to the detriment of the company.
Mr Christian Sowah Tetteh, Director of Finance ECG, when contacted confirmed the debt but refused to accept that it was partly through mismanagement or financial malfeasance. He said plans were underway to improve the revenue collection system of ECG and to negotiate for increase in tariffs.
Source: GhanaWeb
