The Electricity Company of Ghana (ECG) has attributed its net exchange losses for 2022 to the depreciation of the Cedi against the dollar.
During a session before the Public Accounts Committee on August 12, Deputy Energy Minister Collins Adomako-Mensah and ECG Managing Director Samuel Dubik Mahama outlined the factors contributing to the loss.
Mr. Mahama explained that costs associated with payments to Independent Power Producers (IPPs), as well as purchases of meters and transformers, are denominated in US dollars.
He also noted that distribution expenses rose by 32.6% and administrative expenses increased by 36.3% compared to 2021.
On the issue of recent protest by residents of Ketu South Municipality in the Volta Region recently over unfair billing by ECG, Dubik Mahama acknowledged these concerns and highlighted the company’s commitment to enhancing community engagement and consumer education.