Energy Minister Closes ECG Bank Accounts, Retains Single Holding at GCB Bank
In a decisive move to streamline financial operations and curb inefficiencies within the Electricity Company of Ghana (ECG), Energy Minister John Abdulai Jinapor has announced the closure of all ECG's bank accounts, consolidating them into a single holding account at GCB Bank. Background and Rationale The Energy Minister highlighted that ECG previously operated over 70 bank accounts, a practice that complicated financial monitoring and contributed to revenue losses. By consolidating these accounts, the Ministry aims to enhance transparency, improve cash flow management, and reduce opportunities for financial leakages. Minister Jinapor emphasized that the fragmented financial structure hindered effective oversight, stating that the multitude of accounts made it challenging to track funds and assess the company's financial health accurately. Implementation and Oversight The consolidation process has been implemented with immediate effect, with GCB Bank designated as the sole institution to manage […]