Speaking at the JoyNews National Dialogue on Thursday, April 10, Mr. Mahama highlighted that ECG’s revenue had historically been flat-lined, ranging between GH¢450 million and GH¢500 million. He stressed that no utility company’s revenue should remain so stagnant.

“ECG was never at the table in terms of revenue. For years, ECG’s revenue was flat-lined — always between GH¢450 million to GH¢500 million. No utility company’s revenue should be that stagnant,” he said.

However, Mahama pointed to the significant progress made during his tenure, where ECG’s revenue reportedly increased to GH¢1.5 billion.

He acknowledged that ECG’s financial struggles were deep-rooted and not new to him when he took office in May 2022. But he noted that his experience as Managing Director was different from his time on the board.

“There were a lot of discrepancies in the thinking around the company called ECG. Data from the Project Management Office revealed that over 700 electrical infrastructure projects were outstanding, about 100 more in civil works, and only 12 in customer service. This showed clearly that while the infrastructure side was being addressed, the business side — the side that brings in the money — was neglected,” he explained.

Mahama highlighted the company’s fundamental flaw in customer relations, noting that no modern utility company could thrive without investing in customer interface systems.

“I had a discussion with the board and told them that no critical 21st-century utility operates without properly engaging customers. So, we embarked on an ambitious drive to change the narrative around customer relations,” he said.

Despite his prior knowledge of the company’s challenges, Mahama admitted that sitting in the Managing Director’s chair exposed him to the harsh realities of ECG’s operational difficulties.

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According to him, this issue is a stark reflection of a deeper structural challenge in Ghana’s power sector—political interference in revenue management.

Speaking to Joy Business, Dr. Apetorgbor, who is the Chief Executive Officer of the Chamber of Independent Power Producers (IPPs), explained that as a state-owned enterprise (SOE), ECG operates in a delicate balance between regulatory compliance and political directives.

“It dares not under-declare revenues unless emboldened by a stronger force—one that overrides its regulatory obligations,” he stated.

“Blaming ECG for under-declaring revenue is a misplaced argument that ignores the bigger picture,” he added.

He argued that the issue is not ECG’s internal financial management but rather the extent to which political interference dictates revenue decisions.

Until ECG is granted full operational autonomy, he said, its financial performance will always be influenced by political expediencies rather than sound commercial principles.

He concluded that Ghana must choose to either allow ECG to function as a true utility business or continue the cycle of blame without addressing the root cause of the problem.

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As such, he sees no issue with the recent report suggesting that ECG had failed to account for millions of generated revenue.

Defending his tenure at the company, he told JoyNews’ Kofi Kyei on The Pulse on Thursday, January 16, that “Under-declaration is not a criminal offence.”

He explained that the discrepancies arose because the company needed to pay salaries and other expenses before remitting the revenue to the state.

“Let’s look at the salary bill of ECG. Let’s consider how much ECG needs to keep the lights on in your districts, including maintenance on the lines. Where do you expect ECG to get that money from if ECG gives all the money it receives away?” he argued.

Mr Mahama further attributed the under-declaration to various factors, including foreign exchange volatility, where the US dollar’s value increases the cost of the cedi.

According to the 2025 Ghana Energy Sector Recovery Programme (GESRP) report, ECG had under-declared a total of GH₵490 million between October and December 2023.

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