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      Ghanaian nationals extradited for alleged roles in stealing more than $100m through romance scams, other fraud

      Ghanaian nationals extradited for alleged roles in stealing more than $100m through romance scams, other fraud

      Pope Leo XIV pays tribute to victims of Ghana helicopter crash

      Pope Leo XIV pays tribute to victims of Ghana helicopter crash

      Search intensifies for three siblings missing in Accra

      Search intensifies for three siblings missing in Accra

      Government targets shea industry growth as Tamale prepares for World Shea Expo 2025

      Government targets shea industry growth as Tamale prepares for World Shea Expo 2025

      Crashed Z-9 helicopter black box found

      Crashed Z-9 helicopter black box found

      John Mahama sounds like he’s already accepted defeat – NPP

      Mahama appoints acting Defence and Environment ministers following deadly helicopter crash

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      Kumasi vigil for Daddy Lumba postponed indefinitely

      Kumasi vigil for Daddy Lumba postponed indefinitely

      Shatta Wale’s Lamborghini seized by EOCO in joint FBI operation

      Man named by EOCO in Shatta Wale Lamborghini seizure serving 7 years in US jail over $4million fraud

      Shatta Wale’s Lamborghini seized by EOCO in joint FBI operation

      Shatta Wale’s Lamborghini seized by EOCO in joint FBI operation

      Thousands turn up for Daddy Lumba vigil

      Thousands turn up for Daddy Lumba vigil

      Highlife legend Daddy Lumba pass away at 60

      Bank Hospital denies breach of confidentiality in Daddy Lumba’s care

      Pastor in court over alleged assassination prophecy about Shatta Wale

      Pastor in court over alleged assassination prophecy about Shatta Wale

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      Live Streamed: Palermo vs Manchester City

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      Live Streamed: Chelsea vs Bayer Leverkusen

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      FIFA confirms dates for Ghana’s September World Cup Qualifiers

      Ballon d’Or: Virgil van Dijk, Cristiano Ronaldo, Sadio Mane on shortlist for award

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      Villarreal Supporters Group President wants Partey’s move to be ‘suspended’

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      See the conditions of Thomas Partey’s bail after he appeared in court today

      Thomas Partey granted bail on rape charges

      Thomas Partey granted bail on rape charges

      Charles Akonnor appointed Head Coach of Kenyan Giants Gor Mahia

      Charles Akonnor appointed Head Coach of Kenyan Giants Gor Mahia

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      Son to leave Tottenham this summer after 10 years

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      DR Congo starts Ebola vaccinations in east of country

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      20 new Mpox cases confirmed in Ghana bringing total to 302

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      Check your kitchen! Tasty Tom Tomato Mix recalled after FDA directive

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      First Mpox death recorded in Ghana; 23 new cases confirmed

      Kenya drops visa requirements for all African countries

      Kenya drops visa requirements for all African countries

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      Lab-grown cheese is coming. But would you eat it?

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        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        This Ashanti Prince designed and built a signal station in Trinidad for the British in 1883

        Songo, the African tribe where children are raised by their uncles

        Songo, the African tribe where children are raised by their uncles

        Manhyia puts a ban on funerals in Asanteman

        Details of the symbol of authority of the Ashanti Region, the Asanteman flag

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The story of the Ghanaian professor emeritus who did not attend secondary school

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        The intriguing history of the ancient Egyptian bust that looks like Michael Jackson

        Meet the African tribe that offers free sex to guests

        Meet the African tribe that offers free sex to guests

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        Meet Kobena Sekyi, the educated elite who never wore European clothing

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        This African tribe from Togo and Benin were experts in penis enlargement way before plastic surgery

        Who is the real Yaa Asantewaa

        Who is the real Yaa Asantewaa

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      IMF endorses ECG privatisation

      IMF endorses ECG privatisation
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      The International Monetary Fund (IMF) has endorsed the liberalisation of the operations of the Electricity Company of Ghana (ECG), the State-owned electricity distributor, for private sector participation. 

      The Fund is of the view that private sector participation would attract the much-needed investment and technical expertise to address legacy debts, making the energy sector financially sustainable.  

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      This was in the IMF July country report on the fourth review of the Ghana’s US$3 billion-three-year Extended Credit Facility (ECF) arrangement, which identified the energy sector as a major source of fiscal risk. 

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      The Electricity Company of Ghana is responsible for distributing electricity in the southern part of Ghana, covering six administrative regions: Greater Accra, Eastern, Volta, Ashanti, Western and Central. 

      According to the Fund, in the absence of any policy action, the annual energy sector shortfall is estimated to reach US$2.2 billion in 2025. 

      That reflected ECG’s large commercial and technical losses and slow electricity tariff adjustment in the face of exchange rate fluctuations and higher power generation costs, notably due to reliance on costly liquid fuels, the IMF observed. 

      “Staff welcomes the cabinet decision to open the electricity company’s operations to the private sector, and the efforts made towards the energy sector’s financial sustainability -including resuming the quarterly electricity tariff increases,” the Fund stated in its appraisal on the ECF programme. 

      The IMF observed progress in reducing the energy sector challenges including the 14.75 per cent increase in electricity tariffs in April 2025 by the Public Utilities Regulatory Commission (PURC) and compliance improvement with the Cash Waterfall Mechanism somewhat in 2025. 

      Nonetheless, the report indicated that “some IPPs received less than expected, as fuel payments and the addition of an IPP diluted Cash Waterfall Mechanism distributions.” 

      There were significant deviations between ECG’s validated and declared collections (GHS5.3 billion) and between CWM allocations and actual payments (GHS3.9 billion), the report noted. 

      To reduce the energy sector shortfall in the short term and enhance efficiency, the Bretton Woods institution recommended a full and consistent implementation of the Cash Waterfall Mechanism. 

      That implies the country ensuring regular payments to Independent Power Producers (IPPs) and fuel suppliers, addressing legacy arrears, and improving transparency, governance and accountability. 

      The IMF urged the Government to accelerate the implementation of the Energy Sector Recovery Programme measures, including conducting a multi-year tariff assessment to reflect changes in the costs of energy production by end-September 2025, enhance revenue collection and limit arrears accumulation. 

      In an earlier interview with the Ghana News Agency, Nana Amoasi VII, the Executive Director, Institute for Energy Security, said privatisation could bring in expertise, investment, and efficiency improvements that are needed to address infrastructure challenges and improve service delivery in the power sector. 

      Referring to the 2019 failed agreement with Power Distribution Services (PDS), he called for a well-designed, transparent, and best practices to avoid the pitfalls experienced in the past deal. 

      The failure of PDS to achieve certain pre-conditions led to the country missing some US$190 million in investment under the second tranche of the Millennium Challenge Corporation (MCC) power compact. 

      Ms Alice Albright, Chief Executive Officer of MCC, on Thursday, May 9, 2024, stated that the Corporation had no immediate plans, but remained opened to working with Ghana for long-term sustainability of related infrastructure and financial recovery in the energy sector. 

      source: GNA

      Tags: Electricity Company of Ghana (ECG)International Monetary Fund (IMF)

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