Finance Minister Dr. Mohammed Amin Adam has announced that the Electricity Company of Ghana (ECG) will now operate using a single revenue collection account to streamline its activities.
Speaking to reporters at the IMF and World Bank group meetings in Washington, D.C., Dr. Amin Adam disclosed that the move is aimed at ensuring transparency and accountability in revenue collection for the power distribution company.
He highlighted that the establishment of a single collection account for ECG will simplify tracking of revenue and eliminate the need for multiple accounts.
This development comes in the wake of revelations by Bongo lawmaker Edward Bawa that ECG has been operating a total of 61 bank accounts. Additionally, the Public Utilities Regulatory Commission (PURC) fined ECG GHȼ36,000 for failing to disclose all its bank and investment accounts.
Mr. Bawa has called for the dissolution of the ECG board of directors and the dismissal of Managing Director, Mr. Dubik Mahama, citing violations of the cash waterfall mechanism (CWM).
The Finance Minister also mentioned that the government is currently auditing the Cash Waterfall Mechanism to enhance transparency and accountability in revenue collection, ensuring that funds are used for their intended purpose.
Dr. Amin Adam emphasized the importance of addressing the challenges facing the cash waterfall mechanism to promote accountability and transparency in revenue collection processes. He assured that audit findings will be published to uphold transparency and ensure that revenues are allocated appropriately.
