The Electricity Company of Ghana (ECG) has refuted claims of entering into a “sweetheart deal” with Fidelity Bank Ghana, dismissing allegations that it resulted in the loss of 80 million cedis to the state. This response comes in light of assertions made by Bright Simons, Vice President of IMANI Africa, suggesting that ECG purchased 43 million US dollars from Fidelity Bank at an inflated exchange rate in October 2023.
In a statement issued in Accra, ECG clarified that in October 2023, it procured only a total of 10 million US dollars through Fidelity Bank at exchange rates ranging between 11.85 and 11.95 cedis, contrary to the claims made. The company emphasized that the circulated cash waterfall spreadsheet indicating the procurement of 43 million USD at a rate of 13.95 was merely a standard estimation sheet and did not reflect the actual transactions.
Furthermore, ECG rejected allegations of a conflict of interest involving Maataa Opare, a member of the ECG board and Legal Director of Fidelity Bank. The company stated that Opare had recused herself from all discussions and decisions related to Fidelity Bank, adhering to good governance principles and the Companies Act 2019.
ECG clarified that Fidelity Bank was appointed as the operator of the single account in 2023 following Cabinet's decision, based on the bank's efficiency and responsiveness in prior dealings. The appointment was made solely on merit, according to the statement.
In response to the allegations, Fidelity Bank has taken legal action against Bright Simons, filing a defamation suit and seeking 20 million cedis in damages. The bank asserts that Simons' claims have tarnished its reputation and constitute defamation.
