The Public Utilities Regulatory Commission (PURC) has dismissed reports circulating in the media that the Electricity Company of Ghana (ECG) is on the brink of bankruptcy, calling them misreported and inaccurate. These reports wrongly attributed a financial collapse warning to PURC’s Executive Secretary, Dr. Ishmael Ackah.
In a statement, PURC clarified that it never issued any warning regarding ECG’s financial instability. The Commission explained that the concerns over ECG’s finances, widely reported in the media on September 18, were misrepresented.
The incorrect claims originated from several media outlets, which suggested that PURC had raised alarms about ECG’s financial crisis. However, PURC emphasized that these concerns were first highlighted by ECG’s own management in a letter addressed to the presidency and the Minister of Energy.
The Commission urged the public to seek accurate information and avoid relying on misleading reports. It also shared that ECG’s letter to the Ministry of Finance, dated August 26, 2024, and titled “Request for Buffer Period for Cash Build-Up,” raised concerns about their financial state, warning that if unresolved, the situation could lead to serious instability or bankruptcy for ECG.
PURC concluded by stating that the media incorrectly gave the impression that it initiated the bankruptcy warning without input from ECG itself.
