….Private Jets, US$25 million Hubtel deal, US$43 million exchange rate come crawling
The Electricity Company of Ghana (ECG), once envisioned as a crucial engine for Ghana’s economic development, has unfortunately devolved into a breeding ground for corruption and political patronage—particularly under the leadership of Dubik Mahama.
The company, which should serve as a vital utility for efficient power distribution, was instead plunged into gross inefficiency, mismanagement, and a massive financial haemorrhage.
At the heart of this decline, was a network of political influence and collusion, transforming the ECG into what many now refer to as a “skeleton that fattens the political class.”
From the onset of Dubik Mahama’s tenure as Managing Director, signs of decline were evident.
Recent reports of missing containers and recycled ECG cables, as well as questionable procurement contracts and rampant financial leakages, have long existed and painted a grim picture under Dubik Mahama.
The state, despite these revelations, continued to inject funds into the company to keep it afloat. Meanwhile, management—including Dubik and key members of the board—appeared to be completely negligent, focusing more on self-enrichment, rather than addressing the operational deficiencies of ECG.
It is a bitter irony that while the company struggled to meet essential financial obligations—such as payments to independent power producers (IPPs) and gas suppliers—the leadership flourished in wealth.
According to The Herald’s insiders within ECG, who had long sounded alarm bells over the company’s state, their warnings, were consistently ignored by the Akufo-Addo government.
The government turned a blind eye even when there were obvious indications of rot, inefficiency, and abuse under Dubik’s leadership.
Perhaps the darkest period of ECG’s institutional capture occurred during the tenure of Kelly Gadzekpo as board chair.
Having served for seven years, Gadzekpo, eventually resigned, leaving behind what many describe as a legacy of complicity in the “annexation” of ECG.
During his tenure, Dubik Mahama, wielded sufficient political influence to bypass the Minister for Energy altogether, dealing directly with the then Finance Minister, Ken Ofori-Atta.
This chain of command, fueled by political favouritism, allowed Dubik, to operate ECG as a personal fiefdom, insulated from accountability.
The same alliance between Ken and Kelly was instrumental in Dubik’s appointment as Managing Director in 2022, despite widespread opposition and concerns about his lack of technical experience.
Many industry watchers and professionals, had pointed out that Dubik was unfit to manage such a strategic national asset.
Yet, his proximity to powerful political actors made his rise inevitable. The goal, it now seems, was never efficiency or reform—but access to a robust economic lever for personal and political gain.
Immediately after taking office, Dubik, launched an aggressive procurement spree. Instead of focusing on reform or service delivery, his primary objective appeared to be wealth accumulation through inflated contracts and sole-sourced deals.
Sole sourcing, once an exception in public procurement, became the norm under his leadership while he used the media to write a different narrative. Dubik’s tenure was marked by the blatant abuse of the Public Procurement Act, as contracts were routinely awarded without competitive bidding, resulting in widespread overpricing and questionable service delivery.
The consequence of this procurement-driven administration was dire. While ECG was readily spending on overvalued contracts, it was unable to meet critical obligations—particularly payments for gas used in power generation. As a result, the government was forced to absorb significant liabilities.
Estimates suggest that Ghana incurs between $1.5 billion and $2 billion annually in liabilities due to ECG’s failure to pay for gas and power supplied by independent power producers. These liabilities have placed immense strain on the national budget, diverting resources from essential sectors such as education, healthcare, and infrastructure.
Meanwhile, Dubik Mahama, lived a life of opulence and extravagance, inconsistent with the realities of a public servant.
He regularly chartered private jets for both domestic and international travel, portraying the image of a high-flying executive of a profitable multinational—when, in fact, he presided over a financially troubled public utility.
Within just two years, Dubik, had amassed a fleet of luxury vehicles and high-end properties in prime locations. He was frequently seen wearing a Richard Mille wristwatch—valued at over US$350,000—symbolizing the lavish lifestyle that seemed impossible to justify on his public salary.
This flamboyant lifestyle raised legitimate questions about the source of Dubik’s wealth. The only plausible explanation, observers argue, lies in the shady procurement practices and sweetheart deals that defined his administration. People who knew him before 2017, when he joined the ECG board, are confident that ECG has fattened Dubik.
His inner circle in ECG, included individuals who were either complicit or incapable of resisting his directives—especially Samuel Tagoe, the Director of Premises and Estates/Procurement, and Ebenezer Baiden, the Director responsible for government relations. Together, they formed a quasi-management team that facilitated many of the dubious contracts.
One of the most controversial deals under Dubik’s tenure was the award of a contract to Hubtel, a fintech firm, for the annexing and management of ECG’s revenue collection app. The contract, reportedly worth $25 million, included an arrangement where Hubtel received 3% of all revenue collected through the app, though the app was fully paid for.
To date, over GHS 800 million has been paid to Hubtel. The deal drew strong criticism from the opposition National Democratic Congress (NDC), and many Ghanaians have called for a thorough investigation into the contract and a possible retrieval of funds.
However, there are reports that elements within the current administration are working to “inherit” the deal, hoping to maintain the flow of funds for personal enrichment.
Further highlighting the mismanagement under Dubik was the controversial leasing of luxury vehicles for ECG management staff. The vehicles, many of which remained idle during the day, were seen as a colossal waste of public funds. Critics argue that the purpose was not operational efficiency but rather to ensure that Dubik’s associates could eventually take possession of relatively new vehicles at the company’s expense through lease-to-own schemes.
In December 2023, ECG reported that it purchased US$43 million at an exchange rate exceeding GHS 13.95 per dollar in October of that year. Based on the prevailing rate quoted by the Bank of Ghana at the time, which was approximately GHC11.50 to US$1, it was estimated that ECG lost GHS 80 million on the transaction with Fidelity Bank – Ghana.
In a turn of events that defies logic, Dubik has recently resurfaced in public, touting his supposed achievements as Managing Director.
However, the facts speak for themselves. In the 2025 budget statement, Finance Minister Cassiel Ato Baah Forson, made it clear that ECG, requires urgent reform if the national budget is to achieve sustainability and deliver value to Ghanaians.
Fortunately, the current leadership under Acting Managing Director Julius Kpekpena has begun efforts to undo the damage. One of the early decisions taken was to stop the extravagant practice of holding training programs in luxury resorts, including the Aqua Safari Resort—a hallmark of Dubik’s tenure—and instead return to using ECG’s training school in Tema. The school, which was used to train electricity distribution workers across the African region, was abandoned to allow the procurement of resorts for training ECG staff. This symbolic yet significant change reflects a renewed commitment to frugality, professionalism, and internal capacity building.
The ECG saga under Dubik Mahama, is a cautionary tale of how political patronage and unchecked power can turn a critical national utility into a conduit for corruption. It is a story that Ghanaians, who paid outrageous electricity bills, must not forget to demand accountability, not just from Dubik, but for the entire system that enabled such egregious abuse. Whether the nation will see justice and reform remains uncertain—but what is clear is that the skeleton of ECG continues to fatten the political elite at the expense of the ordinary Ghanaian.
The Herald will closely monitor the state’s efforts to deliver justice to the Ghanaian public in this challenging situation. However, the ongoing manoeuvring by some and their attempts to exploit the situation, including the Hutel deal orchestrated by Dubik using the National Security Secretariat to hijack an existing ECG payment app developed by an Indian, may necessitate presidential intervention.