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Fraud Alert Coalition against the privatisation of ECG accuses MiDA of fraud

Addressing a news conference in Accra Thursday, convener of the group, Richard Nyamah, accused the Millennium Development Authority (MiDA) of impersonating the Energy Commission and the Public Utilities Regulatory Commission (PURC).

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The Coalition Against the Privatisation of the Electricity Company of Ghana has given government five-days to re-negotiate the conditions under the Millennium Challenge Compact 2, or suffer intense agitation.

READ MORE: Energy Crisis Mahama not sitting on Loadshedding timetable - ECG

According to the convener of the Coalition, Mr Richard Nyamah,  the group has in its possession, documents prepared by MiDA and International Finance Corporation (IFC) on tariff adjustment an act that by law ought to be undertaken by PURC.

The coalition slammed government for its apparent motivation to hand out the management of ECG to an investor that will be injecting an estimated amount of $150 million over three years into the company.

This amount, the group claims, is far less than what ECG is currently investing in its distribution operations annually.

The coalition also accused government of devaluing ECG at a value of $400 million Ghana Cedis, when the company is worth ten times more.

The coalition has, therefore, threatened to petition the U.S. government with evidence of fraud against MIDA and subsequently bring a court action against the government for failing to act in the supreme interest of Ghana, if government does not ratify the structure of the arrangement under the compact.

"But the court action will stem from what action government will take; if tomorrow government decides that they will renegotiate the whole compact, we may hold back and give government a position paper on how we think the sale of ECG should be structured," Mr Nyamah said.

He said they are calling for a total ownership of the Company by Ghanaians adding "if at GHC10 or GHC100 per consumer we decide to put into ECG we will have more than we need to run it efficiently by ourselves and rake in more than the $1.3 billion they are currently giving us a year.

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