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Samuel Dubik Mahama, the Managing Director of the Electricity Company of Ghana (ECG), has resigned for personal reasons.
His resignation, confirmed by information available to JoyNews, comes after he was appointed by President Akufo-Addo in May 2022, following the statutory retirement of former Managing Director Kwame Agyeman-Budu. In his resignation letter, Mahama expressed gratitude to the President for the trust placed in him during his tenure.
Mahama’s final days at ECG were marked by tensions between the company and the Public Utilities Regulatory Commission (PURC). A recent PURC report highlighted concerns regarding ECG’s financial stability, including potential bankruptcy and issues impacting the operations of other entities like the Volta River Authority (VRA) and the Ghana Grid Company (GRIDCo). The report pointed to challenges such as delays in salary payments and difficulties in covering administrative costs, urging immediate action.
Despite efforts by ECG to improve cash collection through digital initiatives and significant tariff increases of over 75% since September 2022, financial instability persists. ECG has publicly expressed disappointment with the PURC’s review of the Cash Waterfall Mechanism (CWM), claiming it misrepresents key issues, particularly regarding fuel costs, forex losses, and payment delays to Independent Power Producers (IPPs).
The company has called for more constructive leadership and accurate reporting from the PURC to facilitate progress in Ghana’s energy sector.
