A comprehensive 2024 audit of the Electricity Company of Ghana (ECG), conducted by PricewaterhouseCoopers (PwC), has uncovered a GH¢5.3 billion revenue discrepancy. According to the PwC report, ECG continued to under-declare revenues to the regulator.
In 2024, it under-declared revenues by GH¢5.3 billion. Its accounts showed it collected GH¢15.8 billion but it told the regulator it collected GH¢10.4 billion.
Even though ECG significantly under-declared revenues, it still didn’t pay value chain players properly based on what it declared and the cash waterfall mechanism, the report noted.
It added that out of the GH¢10.4 billion declared, it paid GH¢6.5 billion leaving a variance of GH¢3.9 billion. The report further reveals that a vendor contracted by ECG to collect revenues on its behalf received a staggering GH¢402 million in commissions—nearly as much as the Volta River Authority (VRA), which was paid GH¢412 million, and significantly more than Bui Power, which received GH¢323 million.
Notably, this vendor was paid before the entities responsible for power generation.
According to the report, despite the International Monetary Fund (IMF) conditions mandating a single collection account, ECG maintained 99 bank accounts across 19 banks in 2024.
Credit: Joy Online