ECG To Sell Its Debt To Private Companies – Managing Director

The Electricity Company of Ghana (ECG) says other alternatives are being considered to retrieve funds from defaulting customers.

According to the company’s Managing Director, Samuel Dubik Mahama, his outfit would outsource the debt to private companies after the ongoing exercise ends on Friday.

ECG has been disconnecting power to individuals and entities who have failed to pay their debts or agree to a payment plan in a drive to retrieve ₵5.7 billion in arrears.

Speaking on Joy FM’s Super Morning Show, Mr Mahama admitted that all the money in default cannot be retrieved in the stipulated time, therefore the need to employ other options.

“There is a possibility that we might even sell the debt to private institutions to go and collect, it is something that we are considering because we’ve gotten to the point where we need all the help we can get.

“So if it means discounting it to other companies and then getting what we need, why not, so it is something on the table worth considering,” he said on Tuesday.

He further noted that the option will be put before the board of directors of the company and when approved, private investors can make their bid.

“If you are buying GH₵1 million, it is irrelevant. If you’re coming to buy about GH₵200 million, GH₵400 million, then you’re talking.

“So it is something I’ll present to the board at the right time and we’ll go through it and we can give percentages to them,” he explained.