ECG collects revenue through 82 bank accounts nationwide but settles in one – Mahama

The Former Managing Director of the Electricity Company of Ghana(ECG) , Mr. Samuel Dubik Mahama, has clarified that ECG’s 82 bank accounts across the country collect revenue nationwide, but all funds are eventually settled into one central bank account.

This system he said is designed to facilitate efficient collection while ensuring compliance.

Mr. Mahama explained that the process of revenue collection is distinct from settlement. He noted that while ECG uses multiple bank accounts to collect payments from various regions, the funds are consolidated and settled in a single account. This model, he noted, aligns with the recommendations of global financial institutions such as the World Bank and the International Monetary Fund (IMF), which advocate for a single settlement account to improve transparency and accountability.

He further emphasized that while the term “collection” is commonly used in reference to the multiple accounts, the critical aspect of managing funds is the central settlement process. With the current structure, ECG can effectively monitor and trace the revenue collected through its widespread network of accounts.

Mr. Mahama highlighted the operational challenges that would arise from such an approach being advocated that a single account should be used for revenue collection. He made it clear that while one account might suffice for settlement, using a single account for both collection and settlement would not be feasible due to the scale and complexity of ECG’s operations.