Samuel Dubik Mahama, the former Managing Director of the Electricity Company of Ghana (ECG), has provided clarity on the utility company’s decision to operate with 84 bank accounts, stating that the move is essential for efficient revenue collection and operations.

He explained that while ECG maintains multiple accounts across the country, all the revenue collected from these accounts is consolidated into a single settlement account by the end of each day.

“ECG has accounts in all areas that collect revenues, but they are all swept into a single collection account. ECG has one single settlement account but as for the collection account, if you reduce them, the work will be very difficult,” he said.

This follows the release of the ECG audit report which showed that the company operate with 84 bank accounts in the collection of it revenues nationwide.

According to Samuel Dubik, the use of these numerous accounts is not arbitrary.

“Thanks to the implementation of the GIBS platform and the Real-Time Gross Settlement (RTGS) system of the Bank of Ghana, all funds collected through the various accounts are transferred into the settlement account at the close of the day.”

“There are accounts that will collect, but thanks to the GIBS platform, the RTGS of Bank of Ghana, all these monies are swept into one account by the close of the day.”

He further emphasised that the complexity of operating across multiple districts in Ghana necessitates the use of several bank accounts.

“We are operating a digital platform, and for that, you cannot use a bank account in Accra to collect revenue in Asankuragwa. ECG has over 95 districts in its operational zones. Let’s say you want to send imprest to each district, how would you send it if you do not operate a bank account over there?” he noted.

He reiterated that the “ECG  cannot use one bank account to collect the revenue. Again, if we are to use just one bank account for the revenue collection, that is a concentration risk, and nobody operates a business like this,” he added.

“Truly, for ECG to run daily, ECG needs almost GHS 600m to run efficiently,” he added in an interview on Joy News on Thursday, January 16.