ACEP Director Calls for Comprehensive Forensic Audit of ECG’s Operations from 2021 to 2024
Ben Boakye, Executive Director of the Africa Centre for Energy Policy (ACEP), has called for a comprehensive forensic audit of the Electricity Company of Ghana’s (ECG) operations covering the period from 2021 to 2024.
The appeal follows a recent PricewaterhouseCoopers (PwC) audit that uncovered a GHS 1.1 billion revenue under-declaration linked to discrepancies between ECG’s revenue collections and the Cash Waterfall Mechanism (CWM).
In a series of tweets, Mr. Boakye emphasized the need for a deeper investigation into ECG’s financial practices and operational activities.
“A comprehensive forensic audit covering the years 2021 to 2024 is urgently needed. This audit should go beyond bank reconciliation and CWM issues, delving deeper into operational expenditures and activities,” he stated.
Exchange Rate Losses Under Scrutiny
Mr. Boakye also raised concerns about ECG’s GHS 9 billion exchange rate losses recorded in 2023, calling for these losses to be thoroughly investigated.
“ECG’s exchange rate losses grew to approximately GHS 9 billion in 2023. This is a matter that must be thoroughly investigated, especially considering how ECG has sourced its foreign currency. Under the RTI, ACEP requested all exchange rates used by ECG between 2021 and 2023. ECG has claimed it needs more time to compile the data. Nearly a year later, we are still awaiting the information,” Mr Boakye remarked.
“We (ACEP) have consistently argued that at one point, ECG bought dollars at 13.95 when the Bank of Ghana rate, the average of commercial Banks rate, was around 11. At times, ECG was purchasing dollars from international money transfer operators rather than through the Bank of Ghana or commercial banks— how the central Bank remains oblivious to this practice is unbelievable,” he added.
Audit Urgency and Sector Reforms
The PwC audit, which flagged widespread financial mismanagement, has heightened calls for transparency and accountability within ECG.
Mr. Boakye’s recommendation for a broader forensic audit underscores the need to restore integrity to Ghana’s power sector, ensuring operational efficiency and fiscal discipline.
This forensic investigation, if undertaken, is expected to provide insights into ECG’s operational expenditures, governance practices, and exchange rate management strategies, paving the way for meaningful reforms in the utility’s management.
