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ECG’s biggest problem is forex – Dubik Mahama
May 16, 2026
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ECG’s biggest problem is forex – Dubik Mahama

Money
Policy
Opportunity
Growth

Key Points

  • Samuel Dubik Mahama, former ECG MD, identifies foreign exchange volatility as the power utility's biggest operational challenge.
  • ECG faces difficulty due to purchasing power in foreign currency while generating revenue in local currency.
  • This currency mismatch exposes ECG to constant exchange rate risks, undermining planning, forecasting, and financial stability.
  • Recent improvements in forex stability are seen as positive, enabling better financial planning and forecasting for ECG.
  • Greater exchange rate stability is expected to align revenues and costs more predictably, supporting ECG's long-term sustainability and growth.

Why This Matters

This issue is critical for Ghana as it directly impacts the financial viability of its national power utility, ECG, and by extension, the stability of the entire power sector. Uncontrolled forex volatility can lead to higher electricity tariffs for consumers, increased government subsidies, or even power supply disruptions, thus affecting the nation's economic stability and citizens' quality of life. Improved forex stability, as highlighted, is crucial for ensuring energy security and economic predictability in Ghana.

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