A former Managing Director of the Electricity Company of Ghana, Samuel Dubik Mahama, has said foreign exchange volatility is the biggest operational challenge facing the power sector, undermining planning, forecasting, and financial stability.

Speaking on JoyNews’ Newsfile on Saturday, May 16, 2026, Mahama explained that ECG’s core difficulty stems from buying power in foreign currency while earning revenue largely in Ghana cedis.

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According to him, this mismatch exposes the company to constant exchange-rate risks, making it difficult to properly account for costs and revenues over time, a report by adomonline.com on May 16, 2026, has said.

"ECG’s biggest problem is forex. It buys power in a different currency. You go to work in the morning, and by evening, your whole day is messed up because your accounting didn’t balance," he explained.

Mahama said recent improvements in forex stability are positive for the power sector, improving forecasting accuracy and enabling better financial planning.

"With greater stability in the exchange-rate environment, ECG is better positioned to ensure that revenues and costs align more predictably, which supports long-term sustainability.

“For me, looking at some of these indicators, I’m going to say yes, we are in a good place. The money will add up, and there will be enough stability for the company to grow. So, for me, I will say Kudos. Let us see where we go from here,” he said.

He concluded that the power sector’s challenges should be seen as part of a continuum of reforms, with successive administrations contributing to gradual improvement.

NAD/AE

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