ECG to use single account for revenue collection – Amin Adam

Mohammed Amin Adam, the Minister for Finance, has stated that the Electricity Company of Ghana (ECG) will use a single revenue collection account, which has been set up for its activities.

Dr.

Amin Adam said this while addressing reporters on the sidelines of the just-ended International Monetary Fund (IMF) and the World Bank Group 2024 Spring Meetings in Washington, D.C.

“We have also established a single collection account.

Therefore, ECG will not collect revenue through the many accounts that they operate.

Dubik Mahama, for “clear violations of the cash waterfall mechanism (CWM).”

“IMF had indicated that you have a single account such that anytime you take the revenues, we can follow the account where the money is put; the President subsequently gives an order that to run a single account.

“When PwC [Price Waterhouse Coopers] contracted to audit the cash waterfall mechanism and the activities of the ECG, they refused to make their bank accounts available to the auditor.

Per the documents that have been presented by ECG itself to PURC, they are running 61 accounts,” he told Alfred Ocansey on The Key Points.

“That is a clear violation of the directives of the President; the directives that have been given to us by the IMF [International Monetary Fund] and the whole idea of the cash waterfall mechanism, so on the strength of that, what business does still have to be in the position,” he said.

Meanwhile, Dr.

Amin Adam further indicated that the government is “auditing the Cash Waterfall Mechanism.”

He believes that the challenges facing the cash waterfall mechanism if addressed will bring  “accountability and transparency to revenue collections and ensure it is being used for its purpose.”

“We have started auditing and we are also required to publish the findings from the audit.

We have already done one audit and we have published the findings.”

“We are going to continue to do that so that we can bring transparency and accountability so that all revenues meant for the cash waterfall goes to the cash waterfall for the purpose for which it was created,” Dr.