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PwC Audit Uncovers GHS 5.3 Billion Revenue Discrepancy at ECG
A comprehensive 2024 audit of the Electricity Company of Ghana (ECG) by PricewaterhouseCoopers (PwC) has revealed a GHS 5.3 billion revenue discrepancy, raising fresh concerns over financial misreporting and governance at the state-owned utility.
According to the PwC report, ECG under-declared revenues to the sector regulator, reporting GHS 10.4 billion in collections despite actual receipts of GHS 15.8 billion.
Cash Flow Gaps and Disbursement Irregularities
Despite this under-declaration, ECG failed to properly allocate funds to key value chain players. The company declared GHS 10.4 billion in revenue but only disbursed GH₵6.5 billion, leaving a GHS 3.9 billion shortfall.
Additionally, a private vendor contracted to collect revenues on ECG’s behalf earned GHS 402 million in commissions—a sum nearly matching the GHS 412 million paid to the Volta River Authority (VRA) and exceeding the GHS 323 million received by Bui Power Authority. Alarmingly, this vendor was paid ahead of power generators, raising concerns over payment priorities.
Banking Structure and IMF Compliance Failures
The report also highlights ECG’s failure to comply with IMF-mandated financial reforms. Despite a requirement for a single revenue collection account, ECG operated 99 separate bank accounts across 19 banks in 2024. While 78% of revenue flowed into a primary account, the continued fragmentation of funds raises questions over transparency and accountability.
The findings are expected to intensify calls for reforms in ECG’s financial management, particularly as Ghana remains under IMF supervision to restore fiscal discipline.
