The Public Utilities Regulatory Commission (PURC) has dismissed media reports claiming that the Electricity Company of Ghana (ECG) is on the verge of bankruptcy, describing these claims as misreported.
According to PURC, the reports inaccurately attributed the warning of ECG's financial collapse to the Commission's Executive Secretary, Dr Ishmael Ackah.
In a statement signed by its commissioners, PURC clarified that it had not issued any such warning regarding ECG’s bankruptcy.
The Commission emphasised that the reports circulating in the media on September 18, suggesting that ECG was in financial crisis, were incorrect and misrepresented.
The misreported claims originated from several media outlets, which alleged that PURC had expressed concerns over ECG’s dire financial state.
These reports pointed to a looming financial collapse, attributing the warning to PURC's leadership.
However, PURC explained that the concerns about ECG’s finances were first raised in a letter sent by ECG’s management to the presidency and the Minister of Energy.
The Commission urged the public to seek accurate information and not to rely on misleading reports.
“The ECG in a letter to the Honourable Minister of Finance, referenced MD/MOF/V.10/018 and dated 26th August 2024, with the subject: 'Request for Buffer Period for Cash Build-Up, expressed serious concerns regarding their current financial situation and warned that 'this situation if not addressed promptly could lead to severe financial instability and potential bankruptcy for ECG'.”
“The media publications wrongly created the impression that the Commission on its own originated the issue of bankruptcy without an initial appeal from ECG.”
Latest Stories
-
Nestle Ghana launches nutrient-rich breakfast
1 min -
Every Ghanaian will have GH₵20k in shares in state enterprises – CPP’s Nana Frimpomaa
6 mins -
Peace goes beyond the absence of violence – Dr. Festus Aubyn
21 mins -
Kofi Akpaloo’s LPG launches manifesto, unveils running mate in Ho
25 mins -
STEM education: 27 children receive training in Ho Municipality
39 mins -
Election 2024: Gideon Boako predicts Mahama’s defeat, highlights NPP’s winning strategy
45 mins -
NDC gender committee launches ‘Manifesto Desk’ initiative in Ledzokuku
50 mins -
Oliver Barker-Vormawor allegedly flees, leaving Democracy Hub protestors stranded
59 mins -
JoySports launches Invitational Tournament Tuesday
1 hour -
Hearts of Oak does not belong to me – Aboubakar Ouattara
2 hours -
Chinese Ambassador Tong Defa applauds CEIBS for championing Africa’s human capital development
2 hours -
PURC refutes reports of ECG bankruptcy
3 hours -
Christopher Bonsu Baah inspires Genk to victory over Dender
3 hours -
Big Chef Tertiary Season 2 premieres as contestants exhibit their creative abilities
3 hours -
‘I’m ready to cooperate with you’ – Barker-Vormawor refutes police claims of going into hiding
3 hours