• 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 Energy

ECG addresses allegations on conflict of interest, forex transactions with Fidelity Bank

1 year ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
227
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

ECG addresses allegations on conflict of interest, forex transactions with Fidelity Bank

In response to recent claims by Civil Society Organizations (CSOs) regarding purported irregularities in forex transactions with Fidelity Bank Ghana and potential conflict of interest, the Electricity Company of Ghana (ECG) has issued a statement to bring clarity to the matter.

Contrary to allegations of facilitating a “sweetheart deal” that led to the loss of about GHS 80million to the State by purchasing $43m for the payment of IPPs at a rate of GHS 13.95, the ECG posits it procured $10.75 million through Fidelity Bank in October 2023 at rates between 11.825 and 11.965.

According to ECG, the circulated cash waterfall spreadsheet indicating a $43 million procurement at a rate of GHS 13.95 is a standard estimation sheet, not reflective of actual transactions, asserting that accurate forex procurement rates have been consistently communicated to the Government.

ECG in the statement further notes that its longstanding banking relationship with Fidelity Bank dates back to 2012 and that Fidelity Bank’s appointment as the single account operator in 2023 was based on merit and efficiency.

Asserting that, Ms. Maataa Opare, being an ECG Board member and Head of Legal at Fidelity Bank, declared her conflict of interest in compliance with the Companies Act, 2019 (ACT 992), and recused herself from discussions between the ECG and Fidelity Bank.

The power distribution company, however, acknowledged the insufficiency of the existing cash waterfall arrangements to sustain its operational and investment needs.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Adding that, efforts are underway to rationalize costs, optimize operations, and engage with policymakers for a sustainable structure.

ECG in its statement further noted that while it appreciates the oversight role of civil society organisations and social activists in the development of the country, it urged CSOs and social activists to be fair and objective in their advocacy to better the discourse and improve cooperation.

 

Tags: CSOsECGECG addresses allegations on conflict of interestFidelity Bankforex transactions with Fidelity Bank
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 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.