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A detailed 2024 audit of the Electricity Company of Ghana (ECG) by PricewaterhouseCoopers (PwC) has uncovered a substantial revenue discrepancy of GH₵5.3 billion.
The report, which provides an in-depth analysis of ECG’s financial operations, highlights systemic irregularities in revenue declaration and disbursement.
PwC’s findings indicate that ECG systematically underreported its revenues to the regulator. The company’s financial records for 2024 show it collected a total of GH₵15.8 billion.
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However, it officially declared only GH₵10.4 billion, leaving an unreported revenue gap of GH₵5.3 billion.
Despite significantly under-declaring revenues, ECG failed to allocate payments appropriately to value chain stakeholders based on its declared figures and the cash waterfall mechanism. Of the GH₵10.4 billion declared, ECG disbursed only GH₵6.5 billion, leaving a staggering variance of GH₵3.9 billion in unpaid obligations.
One of the most striking revelations in the audit is the role of a private vendor contracted by ECG to collect revenues on its behalf.
This vendor received GH₵402 million in commissions—an amount nearly equal to the GH₵412 million paid to the Volta River Authority (VRA), Ghana’s primary electricity generator. The vendor’s payment also far exceeded the GH₵323 million allocated to Bui Power, raising serious concerns about ECG’s financial priorities.
The PwC report further highlights ECG’s non-compliance with International Monetary Fund (IMF) conditions. Despite an IMF-mandated requirement for ECG to consolidate revenue into a single collection account, the audit found that ECG maintained 99 bank accounts across 19 different banks in 2024.
This defiance of financial management protocols undermines accountability and efficiency. However, 78% of ECG’s revenue collections were reportedly funnelled into a single account, albeit falling short of full compliance.
The findings in the PwC audit have sparked widespread concerns over ECG’s financial governance.
Stakeholders, including industry experts and government watchdogs, are calling for urgent regulatory interventions to enhance accountability, ensure transparent financial reporting, and enforce stricter compliance measures.
The revelations in the report are expected to trigger discussions on potential policy reforms, improved oversight mechanisms, and the need for a forensic audit into ECG’s operations to prevent further financial mismanagement.
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