Bright Simons, the vice president of IMANI Africa, is reportedly being sued by Fidelity Bank for his claims that the government-owned electricity provider, the Electricity Company of Ghana (ECG), is “dishing out” about GHC 80 million to the financial institution in exchange for favors.
Ben Boakye, the executive director of the Africa Centre for Energy Policy (ACEP), disclosed this in a post on X, citing Bright Simons’ solicitors as the information’s original source.
In a separate tweet, Mr. Simons verified the account. But he pointed out that he hasn’t been formally served yet.
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Yes, he wrote, “we await service.”
Mr. Simons stated that he was willing to appear in court with the bank to back up his allegations. Mr. Simons claims that because of the ECG’s decisions, Ghanaians are experiencing irregular power supplies, which amounts to “financial mismanagement.”
The people’s ongoing dumsor is a result of poor financial management. We’ll look into anything that makes that possible. Including FX trades for ECG. The public interest and good public policy are upheld by the courts. For the people until our demise,” penned he.
On March 2, 2024, Ben Boakye brought attention to the fact that ECG was purchasing US dollars at a rate of GHC13.95 while the market rate was lower. As a result, the company lost more than GHC80 million in exchange for purchasing $43 million in just one month.
Mr. Simons claims that ECG must provide a prompt explanation for its exchange rate dealings, since they cast doubt on the utility’s comprehension of the actual value of the Ghanaian Cedi in relation to other currencies.
Commercial banks’ exchange rate in October 2023 was reportedly less than GHC11.5, but ECG was purportedly purchasing dollars at a far higher rate, resulting in massive exchange losses.
