• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

ECG recovers GHS 18.5m from state institutions; optimistic of recovering entire GHS 5.7bn debt

3 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
3 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

ECG recovers GHS 18.5m from state institutions; optimistic of recovering entire GHS 5.7bn debt

The Electricity Company of Ghana (ECG) has successfully recovered GHȼ18.5 million owed by three of the country’s largest state institutions, according to a statement from the power distributor. The total amount owed by Parliament, the Ghana Airport Company Limited, and the state broadcaster, Ghana Broadcasting Company – GBC, was GHȼ46.9 million, and ECG’s recovery of the funds is seen as a positive step for the country’s struggling energy sector.

Out of a total of GHȼ13 million owed by Parliament, the legislature has committed to the payment of GHȼ8.5 million to prevent disconnection. The Finance Ministry will contribute GHȼ5 million towards the payment, with Parliament processing the rest electronically. The move by Parliament to settle its debts with the ECG is seen as a positive development, given that the institution has been criticized in the past for not paying its bills on time.

At the Ghana Airport Company Limited, the ECG’s team encountered resistance from the security team, who accused them of invading the premises. The issue was quickly resolved, however, and the airport company agreed to pay an upfront amount of GHȼ10 million towards the GHȼ28 million owed in arrears. The company also committed to paying the balance of GHȼ18 million within two weeks.

The state broadcaster, Ghana Broadcasting Corporation, owed the ECG GHȼ5.9 million, but the Ministry of Information had already reached an agreement with the Energy Ministry to pay the amount this year after clearing some GHȼ17 million of the total debt last year.

The ECG is currently leading a national task force to recover outstanding debts from state-owned institutions, and the power distributor is optimistic that it will be able to recover 100% of the entire GHȼ5.7 billion owed by these institutions by the end of the nationwide exercise. The company’s efforts to recover these debts are seen as critical for the stability of Ghana’s energy sector, which has been plagued by power outages and high costs.

According to industry experts, the ECG’s successful recovery of these funds from the state institutions could have a positive impact on the country’s economy. “The energy sector is a critical component of the economy, and if the ECG is able to recover these debts, it will go a long way towards stabilizing the sector and boosting economic growth,” said Kwame Owusu, an economist at the University of Ghana.

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

The government has also welcomed the news of the ECG’s successful debt recovery efforts, with the Minister of Energy, Dr. Matthew Opoku Prempeh, calling it a “step in the right direction.” The government has been working to reform the energy sector and attract more private investment, but these efforts have been hampered by the outstanding debts owed by state-owned institutions.

Despite the challenges, the ECG is optimistic about the future of Ghana’s energy sector. “We are committed to working with our partners to ensure that the energy sector is stable and reliable,” said Laila Abubakari, Manager of External Communications at the ECG. “We believe that our efforts to recover these debts will have a positive impact on the sector and on the country’s economy as a whole.”

As the ECG continues its nationwide exercise to recover debts owed by state-owned institutions, many are hopeful that the successful recovery of these funds will help to stabilize the energy sector and boost economic growth in Ghana.

The Electricity Company of Ghana (ECG) has successfully recovered GHȼ18.5 million owed by three of the country’s largest state institutions, according to a statement from the power distributor. The total amount owed by Parliament, the Ghana Airport Company Limited, and the state broadcaster, Ghana Broadcasting Company – GBC, was GHȼ46.9 million, and ECG’s recovery of the funds is seen as a positive step for the country’s struggling energy sector.

Out of a total of GHȼ13 million owed by Parliament, the legislature has committed to the payment of GHȼ8.5 million to prevent disconnection. The Finance Ministry will contribute GHȼ5 million towards the payment, with Parliament processing the rest electronically. The move by Parliament to settle its debts with the ECG is seen as a positive development, given that the institution has been criticized in the past for not paying its bills on time.

At the Ghana Airport Company Limited, the ECG’s team encountered resistance from the security team, who accused them of invading the premises. The issue was quickly resolved, however, and the airport company agreed to pay an upfront amount of GHȼ10 million towards the GHȼ28 million owed in arrears. The company also committed to paying the balance of GHȼ18 million within two weeks.

The state broadcaster, Ghana Broadcasting Corporation, owed the ECG GHȼ5.9 million, but the Ministry of Information had already reached an agreement with the Energy Ministry to pay the amount this year after clearing some GHȼ17 million of the total debt last year.

The ECG is currently leading a national task force to recover outstanding debts from state-owned institutions, and the power distributor is optimistic that it will be able to recover 100% of the entire GHȼ5.7 billion owed by these institutions by the end of the nationwide exercise. The company’s efforts to recover these debts are seen as critical for the stability of Ghana’s energy sector, which has been plagued by power outages and high costs.

According to industry experts, the ECG’s successful recovery of these funds from the state institutions could have a positive impact on the country’s economy. “The energy sector is a critical component of the economy, and if the ECG is able to recover these debts, it will go a long way towards stabilizing the sector and boosting economic growth,” said Kwame Owusu, an economist at the University of Ghana.

The government has also welcomed the news of the ECG’s successful debt recovery efforts, with the Minister of Energy, Dr. Matthew Opoku Prempeh, calling it a “step in the right direction.” The government has been working to reform the energy sector and attract more private investment, but these efforts have been hampered by the outstanding debts owed by state-owned institutions.

Despite the challenges, the ECG is optimistic about the future of Ghana’s energy sector. “We are committed to working with our partners to ensure that the energy sector is stable and reliable,” said Laila Abubakari, Manager of External Communications at the ECG. “We believe that our efforts to recover these debts will have a positive impact on the sector and on the country’s economy as a whole.”

As the ECG continues its nationwide exercise to recover debts owed by state-owned institutions, many are hopeful that the successful recovery of these funds will help to stabilize the energy sector and boost economic growth in Ghana.

Tags: DebtECGECG recovers GHS 18.5m from state institutions; optimistic of recovering entire GHS 5.7bn debt
No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.