Monday, 17 June

PAC 'mad' at state institutions pricing in US dollars

Business
James Klutse -Avedzi, Chairman of PAC

The Public Account Committee (PAC) of Parliament has bared its teeth at state institutions pricing in US dollars, an act the committee says contravenes the Bank of Ghana (BoG) regulations which states to do business in Ghana cedis. 

This came to the fore when the Ministry of Energy with its allied institutions appeared before the committee hearings. 

The main concern was over why Bui Power Company Limited charges the Electricity Company of Ghana (ECG) in dollars instead of Ghana cedi.

The Minister of Energy, Dr Mathew Opoku Prempeh, in allaying the concerns of the committee intimated that the practice is a problem among such institutions.

He further blamed the state for not obeying its rules and regulations. 

It was also revealed that the ECG is owing an amount of over US$600 million as it has failed to honour their monthly payment plan. 

The Chief Executive Officer (CEO) of Bui Power Authority, Kofi Dzamesi, said plans are underway to have the management of ECG honour its obligations to the power-producing company. 

Speaking on the sidelines in an interview with Class 91.3 FM, the Deputy CEO of Bui Power Authority, Dr George Tetteh, explained the charges were as a result of the power purchase agreement between the government and power producers.

Source: Classfmonline.com/cecil Mensah