Bright Simons’ position on what he terms as “sweetheart” deal between Fidelity Bank and the Electricity Company of Ghana remains unchanged despite Fidelity Bank’s threat of suing him.
According to a publication sighted by The Accra Times on GhanaWeb, lawyers of the 2024 Rockefeller Foundation Bellagio Honoree have debunked claims that Bright’s assertion of ill intent between ECG and Fidelity Bank is factually inaccurate.
The lawyers maintained that Simons was privy to incontrovertible information that was supplied by ECG to the Cash Waterfall Mechanism Committee, granting him ample facts and evidence to support his tweet.
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According to the report, in December 2023, ECG indicated a purchase of $43 million at an exchange rate of more than ¢13.95 to the Dollar in October 2023. However, based on the prevailing rate of ¢11.5 to 1$ during the period of trade, it is estimated that ECG must have paid an excess of ¢80 million to Fidelity during the transaction, resulting in a potential loss.
A quick check on X (Formerly Twitter) reveals that the Bank of Ghana’s prevailing rate of the Ghana Cedis to the Dollar on 30th October stood at ¢11.4579.
According to Bright Simons, ECG purchased theirs at ¢13.95, resulting in a differential value ¢2.4921.
Based on the exchange rate that was submitted to the Cash Waterfall Mechanism Committee, ECG spent ¢599,850,000 million on the transaction, when in reality, based on the Bank of Ghana rate then, ECG would have spent ¢492,689,700 million on the transaction.
