"PURC Refutes Media Claims of Imminent Bankruptcy of ECG"

" PURC Refutes Media Claims of Imminent Bankruptcy of ECG \r\n\r\nThe Public Utilities Regulatory Commission (PURC) has dismissed media reports suggesting that the Electricity Company of Ghana (ECG) is facing imminent bankruptcy, describing the claims as misreported and inaccurate.\r\n\r\nIn a statement signed by its commissioners, PURC clarified that no warning of ECG\u2019s financial collapse had been issued by the Commission, contrary to claims circulating in the media on September 18.\r\n\r\nThese reports had incorrectly attributed concerns over ECG\u2019s financial stability to PURC\u2019s Executive Secretary, Dr. Ishmael Ackah.\r\n\r\nThe Commission emphasized that the origins of the financial concerns cited by the media were, in fact, a letter sent by ECG\u2019s management to the Minister of Finance and the Office of the President in late August.\r\n\r\n\u201cThe 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'.\u201d\r\n\r\n\u201cThe media publications wrongly created the impression that the Commission on its own originated the issue of bankruptcy without an initial appeal from ECG,\u201d stated the PURC.\r\n\r\nThe letter expressed serious concerns about ECG\u2019s cash flow challenges and warned of potential financial instability if the situation was not promptly addressed.\r\n\r\nPURC condemned the misrepresentation of its stance and urged the public to seek accurate information, stating that the media had wrongly suggested that the Commission had initiated concerns over ECG\u2019s financial health independently of the utility company\u2019s communication.\r\n\r\nThe Commission reaffirmed that while ECG had indeed raised alarms about its financial situation, PURC had not issued any public warnings of bankruptcy, as suggested by several media outlets.\r\n\r\n Read details below: \r\n\r\n "

"PURC Refutes Media Claims of Imminent Bankruptcy of ECG"

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