Kwame Pianim, an Economist and former Chairman of the Public Utilities Regulatory Commission (PURC), has praised the organization for imposing fines on the Board members of the Electricity Company of Ghana (ECG).
He believes this action serves as a timely reminder to all directors of public and state-owned institutions that they are responsible and will be held accountable.
Speaking on JoyNews’ Newsfile on Saturday, Mr. Pianim mentioned that every board has an audit and compliance committee, which must ensure that management complies with all agreements and regulations.
He mentioned that when the government established the Cash Waterfall Mechanism, it required ECG to prioritize payment for raw materials before self-compensation. Directors should have checked that management followed this policy.
What he said:
“And if they say they didn’t know, then it means the audit and compliance committee was not functioning properly and I’m happy that this is a timely reminder to directors that they have legal and judicial responsibility.
“I’m hoping that the whole country will support the PURC just as they should support the Auditor General when he comes with his findings.
“As we are also supporting the PURC, they should also know that one day, the consumer is going to take them to court for not regulating ECG properly,”
His statement follows the PURC’s decision to fine the Managing Director, Samuel Dubik Mahama, and members of the ECG board who served between January 1 and March 18, 2024. The fine, amounting to GH₵5,868,000, was imposed due to the board’s violation of Regulation 39 of L.I. 2413, which requires prior notification to consumers of any power interruptions.
The Economist emphasized that ECG directors must understand the necessity of having responsible and competent professionals.
Credit: AdomOnline
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