“We await service” – Bright Simons readies to fight Fidelity Bank in court over ‘shady’ ECG FX deal

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Bright Simons, the Vice President of IMANI Africa, has expressed his readiness to provide evidence in court over his allegation that the Electricity Company of Ghana (ECG), is “dishing out” approximately GHC80 million to Fidelity Bank in sweetheart exchange rate deals.

It is reported by the Executive Director for Africa Centre for Energy Policy (ACEP), Ben Boakye, that the bank has dragged Mr Simons to court.

According to Mr Simons, Ghanaians are suffering from erratic power supply due to such decisions taken by the ECG, which is tantamount to “financial mismanagement.”

“Yes, we await service. The dumsor that the people experience recurrently stems from financial mismanagement. We will probe anything that allows that to happen. Including ECG FX deals. The courts support sound public policy & public interest. For the people till we die,” he wrote.

Mr Simons made the allegation after Executive Director for Africa Centre for Energy Policy (ACEP), Ben Boakye highlighted that ECG was buying the US dollar at a rate of GHC13.95, despite the market rate being lower, resulting in exchange losses of over GHC80 million in one month for buying $43 million.

According to Mr Simons, ECG needs to urgently explain why it is engaging in such exchange rate deals, as it raises questions about the utility’s understanding of the true value of the Ghanaian Cedi compared to the rest of the market.

The exchange rate in October 2023 was less than GHC11.5 to the dollar for commercial banks, but ECG was allegedly buying the dollar at a significantly higher rate, leading to substantial exchange losses.

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