An explosive audit report by global giant, PriceWaterhouseCoopers (PWC), has uncovered a staggering revelation of ECG pumping an eye-watering Ghc400 million into the pockets of a single vendor – Hubtel, linked to former Vice President Mahamudu Bawumia.
The jaw-dropping disclosure points fingers at Bawumia’s Hubtel for supposedly assisting ECG in streamlining its revenue collection procedures.
Essentially, not that ECG lacked a revenue system, but Hubtel was supposedly roped in to coordinate the revenue collection efforts, all in exchange for nearly half a billion Ghanaian cedis.
Sources hint that this cushy deal orchestrating Hubtel to oversee revenue collection at ECG was allegedly steered by Vice President Bawumia himself.
Speculations swirled further when Solomon Owusu, a past member of the then ruling New Patriotic Party (NPP), spilled the beans that Hubtel was intertwined with Bawumia.
The audit report casts a shadow on ECG’s payment scheme, flagging a shady payout to the vendor before the official declaration of revenue collections under the Cash Waterfall Mechanism (CWM).
This maneuver raises red flags on financial transparency and accountability benchmarks.
The CWM, instituted to ensure fair revenue sharing among power sector entities such as VRA, Bui Power Authority, IPPs, and fuel suppliers, saw ECG bending the rules by favoring payouts to Hubtel over power generation firms, as per the damning PwC dossier.
While the identity of the covert vendor remains undisclosed, many question ECG’s eyebrow-raising payment, considering its long-standing financial woes – a move that reeks of possible corruption.
As the dust settles, the PwC review also uncovers another bombshell – ECG’s alleged revenue under-declaration staggering at GH¢5.3 billion.
