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The Electricity Company of Ghana has attributed a 1.9 billion cedis loss in 2021 to the depreciation of the cedis against major trading currencies.

The Electricity Company of Ghana (ECG) recorded a loss of ¢1.913 billion in 2021 as against a profit of ¢822.549 million in 2020.

This represented a 332.7% deterioration in the company’s financial performance.

According to the 2022 Auditor General Report, the total income of the company decreased by 13.7% to ¢12.104 billion in 2021.

However the managing Director of the company Samuel Dubik Mahama, has attributed a 1.9 billion cedis loss in 2021 to the depreciation of the cedis against major trading currencies.,

Samuel Mahama who appeared before the public account committee indicated that the company is working on reducing losses to efficient revenue collections.

But energy expert Dr. Sulemana Yusif said the power distributors can’t blame all their losses on the depreciation of the cedis.
He said they can increase revenue collections.

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