• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

ECG records GHS 2bn losses from January to September 

2 years ago
in Economy, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
112
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

ECG records GHS 2bn losses from January to September 

In a stark revelation during a recent briefing at the Information Ministry on Thursday, November 9, 2023, Energy Minister, Dr. Matthew Opoku Prempeh, disclosed disconcerting financial figures for the Electricity Company of Ghana (ECG).

According to the Minister, the ECG for the first nine months of 2023 saw a concerning surge in losses, painting a challenging landscape for the power distribution giant.

During the aforementioned period, ECG reported a substantial increase in collection losses, totaling GH¢2,050,373,143.47. This staggering figure eclipses the entirety of 2022, where the company recorded collection losses amounting to GH¢2,448,770,084.34.

Collection losses encapsulate income shortfalls attributable to non-payment, delinquency, and bad debts from ECG’s clientele.

Per the Minister, system losses, a metric encompassing both technical and commercial losses incurred during power distribution, also witnessed a notable escalation. As of September 2023, ECG reported a total system loss of GH¢4,038,241,812.63, a substantial uptick from the GH¢2,599,695,242.10 recorded in the previous year.

On a somewhat positive note, technical losses exhibited a decrease, totaling GH¢1,279,369,021.42 in the first nine months of 2023, as opposed to the GH¢2,758,872,792.21 reported in 2022. Technical losses, stemming from energy dissipation during transmission and distribution, suggest potential operational improvements.

However, commercial losses told a different story, exacerbating ECG’s financial challenges. The company reported a substantial increase in commercial losses, reaching GH¢2,758,872,791.21 during the same period. This is a marked rise from the GH¢1,852,597,985.96 recorded in the preceding year. Commercial losses encompass issues such as theft, meter tampering, and billing inefficiencies.

The disclosed financial indicators by the Energy Minister underscore the urgency for ECG to address the multifaceted challenges posed by escalating losses. Remedial actions, particularly in bolstering collection mechanisms and mitigating system and commercial losses, are imperative for the company’s fiscal resilience and the sustained provision of electricity services to Ghanaians.

Tags: commercial lossesECGECG records GHS 2bn losses from January to SeptemberSystem losses
No Result
View All Result

Highlights

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

Historic Bid: U.S. Joins Forces with Mexico, Costa Rica, and Jamaica for 2031 Women’s World Cup

Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate

Deputy Finance Minister Hints 2026 Budget to Prioritise Fiscal Discipline and Job Creation 

FirstBank and Coronation Insurance Strengthen Partnership to Deliver Greater Value to Customers

Trending

Business

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

October 21, 2025

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks Ethiopia has officially moved closer...

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

October 21, 2025

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

October 21, 2025

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

October 21, 2025

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.