Ghanaian Economist Kwame Pianim and former Chairman of the Public Utilities Regulatory Commission (PURC), has commended the PURC for its decisive action in fining the board members of the Electricity Company of Ghana (ECG) for causing power outages without prior notice to consumers.
He views this move as a necessary wake-up call for directors of public and state-owned enterprises, highlighting their accountability for the actions of the organizations they oversee. Private practitioner Martin Kpebu earlier weighed in his thoughts also commending the PURC for their move stressing that such actions will compel public officers to do due dilligence in discharging their duties.
Speaking on JoyNews’ Newsfile, Mr. Pianim emphasized the importance of board audit and compliance committees ensuring that management adheres to all agreements and regulations. He pointed out that when the government introduced the Cash Waterfall Mechanism, ECG was required to prioritize payments for raw materials over other expenses, such as self-compensation. Directors should have checked whether management followed this policy, stressing the need for diligent oversight.
Remarks made by Kwame Pianim on PURC and ECG Feud
And if they say they didn’t know, then it means the audit and compliance committee was not functioning properly and I’m happy that this is a timely reminder to directors that they have legal and judicial responsibility.
I’m hoping that the whole country will support the PURC just as they should support the Auditor General when he comes with his findings.
As we are also supporting the PURC, they should also know that one day, the consumer is going to take them to court for not regulating ECG properly, he remarked.
