Finance Minister Dr. Cassiel Ato Forson has reiterated the significant debts owed by various government entities, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).
Speaking on The Point of View on Channel One TV on Wednesday, Dr. Forson underscored the severe financial challenges these institutions face and the urgent need for effective management and oversight.
“Road Fund owing about GHS5.75 billion, then you have the likes of GETFund, DACF—they have their own debt. Then COCOBOD, ECG. COCOBOD owes GHS32 billion, ECG owes GHS68 billion. They owe contractors who have done work,” he stated.
Dr. Forson further revealed the troubling financial situation at ECG, emphasizing its failure to meet its financial obligations.
“ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GHS1.5 billion, keeps GHS500 million, and pays only GHS1 billion.
“As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GHS68 billion,” he added.
