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An audit of the Electricity Company of Ghana’s (ECG) revenue collection has uncovered a significant discrepancy of GH₵490 million between October and December 2023.
The audit, shared by the Public Utility Regulatory Commission (PURC), highlighted differences in the company’s tariff and non-tariff revenue generated. The discrepancy was traced to a mismatch between the regional bank accounts and the headquarters’ account.
The report states, “Between October and December 2023, ECG reported a revenue of GH₵3.38 billion. However, based on information from the Head Office bank accounts analysed, the recorded revenue was GH₵3.87 billion.”
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The unaccounted funds were discovered after discussions with ECG, which clarified that funds from the district and regional accounts are transferred to 14 head office accounts each month, resulting in the GH₵490 million gap.
The audit involved the identification, review, and analysis of the bank accounts used by ECG in its operations, including those for revenue collection and disbursements.
To avoid future discrepancies, the auditors have recommended several measures, including implementing debit notes for fuel purchases, enhancing internal reconciliation processes, utilising revenue data from the ECG Cash Settlement Platform (ECSP) vendor, reviewing the approach to the Single Collection Account, and creating a monitoring system for fund allocation.
