A Finance and IT Audit Expert, Mr. Samuel Osei Fosu, has blamed weak administration and poor governance structures for the Electricity Company of Ghana’s persistent financial challenges. Speaking on the Teknokrat Show on Focus 94.3 FM, hosted by Khayrullah Issah Dobo, Mr. Fosu expressed deep concern over the company’s continuous budget overruns and lack of accountability.
His comments come in the wake of the Public Accounts Committee’s review, which revealed that ECG exceeded its GH₵144 million budget by almost GH₵190 million without approval. Mr. Fosu described the situation as a clear sign of financial indiscipline.
“There is a lack of budget monitoring and insufficient financial oversight by both the board and management,” he said. He further explained that while some of the inefficiencies may not be intentional, negligence and disregard for financial regulations have worsened ECG’s woes.
“You can see there’s potential mismanagement and an intention to disregard financial regulations set by the Public Order Act and other approvals they are supposed to go through,” he added. Mr. Fosu warned that such poor financial management creates a ripple effect leading to debts owed to power producers, supply shortages, and additional pressure on government resources.
He, however, cautioned against privatization, saying it will not fix the root causes of ECG’s problems. Instead, he called for reforms and an independent oversight body to ensure transparency and accountability in the company’s operations.
In conclusion, the finance expert urged the government to focus on long-term strategies that strengthen governance, promote efficiency, and instill financial discipline within the Electricity Company of Ghana.