The former Power Minister has praised the decision by the Public Utilities Regulatory Commission (PURC) to punish the Board members of the Electricity Company of Ghana (ECG) GH¢5.8 million.

Dr Kwabena Donkor, the Member of Parliament (MP) for Pru East, characterised the action as noteworthy.

The PURC assessed a high penalty of GH¢5,868,000 on ECG board members who served from January to March 18, 2024.

This disciplinary action was filed because they violated Regulation 39 of L.I. 2413, which mandates prior notification to consumers before any power outage occurs.

The fine has affected several people, including Keli Gadzekpo, who resigned as Board Chair on March 26, and Samuel Dubik Mahama, the current ECG Managing Director.

Speaking on Citi FM, Dr Donkor stated his support for the fine.

He stated that it is required since the Board members have refused to accept responsibility for the company’s choices.

“I find that really refreshing. Extremely refreshing since I also rank the State Enterprises Committee of Parliament, and the absence of good governance in a lot of state-owned enterprises has drawn attention to the issue. Board members do not accept accountability for the choices of the businesses they oversee, therefore I am really happy about that,” he said.

Sedina Tamakloe, the former CEO of the Microfinance and Small Loans Centre (MASLOC), has been sentenced to ten years in jail with hard labour.

Daniel Axim, the former Chief Operating Officer, has also received a five-year term with hard labour.

Both persons were found guilty on 78 charges, including causing financial harm to the state, theft, conspiracy to steal, money laundering, and breaking public procurement regulations.

The trial began in 2019 and had six witnesses produced by the state. Sedina Tamakloe was prosecuted in absentia after leaving the country for a medical examination with court approval. Daniel Axim testified in person but did not have any witnesses.

The convictions arise from the theft of monies allocated for MASLOC operations from 2013 to 2016.

The state summoned six witnesses in all, but the first accused, Sedina Tamakloe, was tried in absentia because she absconded after getting court authorization to seek medical treatment outside the country. The second accused, however, testified in person without calling any witnesses.

The charges for which the defendants have been found guilty involve the misappropriation of funds intended for MASLOc operations between 2013 and 2016.

In one case, inmates withdrawn GH¢500,000 as a loan for Obaatampa Savings and Loans firm but claimed a return after the financial institution refused to offer a 24% interest on the topic.

Dr Mohammed Amin Adam, Minister of Finance, has declared that Ghana and international bondholders have struck an interim agreement.

However, he stated that the accord still has to be adjusted to fulfil debt sustainability objectives set by the International Monetary Fund.

“We will therefore regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” he wrote on the X platform on Monday.

The Finance Minister revealed earlier on Monday, April 15, that Ghana has failed to reach a sustainable debt agreement with two bondholder groups in its efforts to restructure $13 billion in international obligations.

Ruters stated that official discussions were on hold for the time being after the International Monetary Fund suggested that the proposal did not meet its debt sustainability criteria, according to a government statement.

“We will regroup to continue negotiations until we reach a deal that is consistent with IMF debt sustainability targets,” Finance Minister Mohammed Amin Adam’s office stated on X, after the government’s regulatory announcement.

He stated that Ghana had struck an “interim deal” with bondholders, but it needed to be adjusted to satisfy IMF criteria.

Ghana has been in official discussions with two groups of bondholders since March 16: one of Western asset managers and hedge funds, and another of regional African institutions.

The regional group also rejected several of the suggested amendments, including the option to keep the bonds’ original value with a longer term and lower coupon.

Ghana defaulted on the majority of its $30 billion external debt in December 2022, citing an economic catastrophe.

The economy of the world’s second-largest cocoa producer has recently begun to revive, with growth of 2.9% in 2023 beating the IMF’s January prediction of 2.3%.