Decision to operate over 80 ECG bank accounts justified – Dubik Mahama

Samuel Dubik Mahama, former Managing Director of the Electricity Company of Ghana (ECG), has defended the utility’s decision to operate 84 bank accounts, citing operational efficiency and risk management.

He clarified that while ECG uses multiple accounts for revenue collection across its 95 districts, all funds are consolidated daily into a single settlement account via the GIBS platform and the Bank of Ghana’s Real-Time Gross Settlement (RTGS) system.

Mahama explained that having district-level accounts is essential for effective local revenue collection and disbursement of funds, such as imprest, ensuring seamless operations nationwide.

He added that using a single account would pose a concentration risk and hinder district-level functionality.

Additionally, he noted that ECG requires approximately GHS 600 million daily for efficient operations, emphasizing the necessity of the current system.