In what seems like an audacious act of defiance, Dubik Mahama, the former Managing Director (MD) of the Electricity Company of Ghana (ECG), has dismissed the serious findings of an audit that exposed staggering mismanagement and under-declaration of funds.
After overseeing a period of near-collapse for one of Ghana’s most critical institutions, Mahama, has now publicly urged critics to “shut up,” arrogantly minimizing the gravity of the financial crisis that has rocked the state-owned utility.
His remarks, made in an interview with Joy News, were in response to an audit by PwC that uncovered significant lapses in financial accountability under his watch.
In an attempt to deflect blame, Mahama claimed that “under-declaring revenues” was not illegal—a statement that reveals both his disregard for the former President and his contempt for the citizens of Ghana who rely on ECG for reliable power supply.
A detailed audit conducted by PwC on ECG’s revenue collections and allocations has provided a damning picture of the state of the utility under Dubik’s leadership. The report highlights several key findings, each of which paints a troubling picture of financial mismanagement and operational incompetence.
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According to the audit, ECG failed to meet the requirements set by a presidential directive mandating the utility to declare all revenues for proper allocation within the sector. This lack of transparency and adherence to guidelines has serious implications for the energy sector and its stakeholders.
Alfred Appiah, a Data Analyst, summarized the key findings on X as follows: ECG under-declared its revenues to the Cash Waterfall Mechanism (CWM) by a staggering GHS 1.14 billion when compared to ECG’s bank accounts.
This discrepancy raises serious questions about the transparency and accuracy of ECG’s financial reporting during Mahama’s tenure. Even with the under-declared revenues, ECG still managed to underpay its sector players from the declared funds—such as Independent Power Producers and other key energy sector stakeholders—by GHS 609 million over a period of three months.
This shortfall in payments has had significant ripple effects throughout the energy value chain, affecting the financial stability of several critical service providers.
Despite being directed to operate a single bank account for all revenue collections and disbursements, ECG flouted this directive by operating 84 separate bank accounts spread across 20 banks.
This blatant disregard for basic financial controls and transparency raises red flags about the integrity of ECG’s financial operations and the potential for mismanagement or fraudulent activities.
These findings, while shocking, are hardly surprising given the lack of accountability at ECG during Mahama’s leadership. What is even more concerning is the reaction of the former MD and his continued dismissal of the gravity of these issues.
In his interview with Joy News, Mahama reacted to the audit’s findings with dismissive nonchalance, claiming that it was not illegal to under-declare revenues revealing the culture of impunity that pervaded ECG under his leadership.
His assertion that his actions were somehow justified, despite the clear violations of financial regulations and presidential directives, reflects a disturbing lack of accountability that has become all too common among public officials in Ghana.
Mahama’s response not only undermines the integrity of the audit process but also insults the many Ghanaians who have been affected by the mismanagement of ECG. The public outcry over the power sector’s inefficiencies, financial losses, and persistent issues with billing and customer service are well-documented.
Mahama’s reaction seems to imply that the law does not apply to him or to the entity he once managed.
The findings of the PwC audit are not the first to shed light on the rampant mismanagement at ECG during Mahama’s tenure. There are years of documented issues regarding poor financial oversight, wasteful spending, and a lack of strategic vision for the utility. During Mahama’s time at the helm, ECG experienced a crisis of both credibility and operations.
Despite the government’s repeated attempts to modernize and stabilize the company, its financial health continued to deteriorate under his watch. The Cash Waterfall Mechanisms that was meant to ensure equitable and timely payment distribution throughout the energy sector were ignored or underutilized, leading to serious arrears and operational bottlenecks.
What is even more alarming is the fact that despite these ongoing issues, Mahama seemingly prioritized insider dealings and ECG’s expenditures ahead of any other interest in the sector.
Reports indicate that during the height of ECG’s financial crisis, Mahama was often seen indulging in lavish travel on private jets, seemingly unconcerned with the struggles of the company or its employees.
This stark contrast between his lifestyle and the financial plight of ECG is indicative of the level of disconnect and poor leadership that defined his tenure.
Since Mahama’s dismal cloaked as resignation, many analysts have been left wondering about the true extent of his involvement in the crisis at ECG and whether any serious investigations will take place.
There are increasing concerns raised by people close to him and worried about how he managed ECG that, due to Mahama’s personal connections with key figures in the new NDC government, he may evade any serious consequences for his role in the utility.
Sources close to the former MD suggest that he remains confident that the current John Mahama government will not investigate him, citing his strong personal relationships with the newly appointed Minister of Energy, John Jinapor and the Minister of Justice and Attorney General, Dr Dominic Ayine, with whom he worked with closely on the controversial Power Distribution Services (PDS) arbitration cases which came up at Dr Ayine’s vetting by Appointment Committee of Parliament.
These ties, according to sources, have been fortified over the years, making it difficult for Ghanaians to get justice for missions of Dollars mismanaged. It is believed that Mahama’s relationship with these high-ranking officials has provided him with a sense of immunity from any serious investigation or legal consequences.
Dubik Mahama’s confidence in his ability to avoid accountability may stem from his understanding of the intricacies of Ghana’s political landscape, where personal relationships often supersede public accountability.
However, this does not bode well for the future of Ghana’s public institutions, where a lack of transparency and accountability allows individuals to act with impunity, leaving citizens to bear the consequences.
Dubik Mahama’s response to the PwC audit findings and his apparent belief that he can escape the consequences of his actions are emblematic of a larger problem in Ghanaian governance. The failure to hold public officials accountable for their misdeeds erodes public trust and perpetuates a cycle of corruption and mismanagement.
If Ghana is to move forward and restore integrity to its public institutions, it must demand true accountability for those who fail in their duties, no matter their political connections or status.
The ECG mismanagement as shown in the PwC report is a clear example of the dangers of a lack of oversight, and it serves as a warning that complacency in addressing mismanagement can have far-reaching consequences.
As long as public officials like Mahama continue to show Ghanaians the middle finger, the country will struggle to overcome its governance challenges. It is time for the government to take bold action, not just to investigate the failures at ECG, but to send a message that no one is above the law, regardless of their political connections or past relationships. Only then can Ghanaians truly hope for a better, more accountable future.
