In a country grappling with chronic power sector debt, the second part of a forensic audit by PricewaterhouseCoopers (PwC) has uncovered a fresh dilemma: the Electricity Company of Ghana (ECG) under-declared GHS 5.3 billion in revenue in 2024 alone.
According to the PwC report, ECG continued to under-declare revenues to the regulator.
In 2024, it under-declared revenues by GH¢5.3 billion. Its accounts showed it collected GH¢15.8 billion but it told the regulator it collected GH¢10.4 billion.
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Even though ECG significantly under-declared revenues, it still didn’t pay value chain players properly based on what it declared and the cash waterfall mechanism, the report noted.
It added that out of the GH¢10.4 billion declared, it paid GH¢6.5 billion leaving a variance of GH¢3.9 billion.
The report further reveals that a vendor contracted by ECG to collect revenues on its behalf received a staggering GH¢402 million in commissions—nearly as much as the Volta River Authority (VRA), which was paid GH¢412 million, and significantly more than Bui Power, which received GH¢323 million.
Notably, this vendor was paid before the entities responsible for power generation.
According to the report, despite the International Monetary Fund (IMF) conditions mandating a single collection account, ECG maintained 99 bank accounts across 19 banks in 2024.
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Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.
