Ghana’s Minister for Energy and Green Transition Hon. John Abdulai Jinapor has slashed the Electricity Company of Ghana’s (ECG) budget from GH₵500 million to GH₵250 million.
This decision comes after reports of missing 1347 containers critical electrical equipment belonging to ECG at the Tema Port, which were caused by ECG’s financial mismanagement.
Apparently, ECG was initially allocated GH₵935 million in 2023 for planned procurement, but they overspent by a whopping GH₵7.3 billion, mainly on excessive cable purchases.
This led to revenue shortages, which in turn caused the missing containers at the port due to unpaid clearance fees.
Jinapor emphasised that the reduced budget will help settle debts owed to power producers, which currently stand at over GH₵80 billion.
He warned that if the energy sector’s financial issues aren’t addressed, it could collapse.
The minister assured Parliament that steps are being taken to prevent further financial mismanagement and ensure ECG remains operational.
This budget cut is part of broader efforts to stabilize the energy sector and promote financial discipline.
Source: https://energynewsafrica.com
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