PricewaterhouseCoopers’ (PwC) 2024 audit of the Electricity Company of Ghana (ECG) exposed financial irregularities in the utility provider’s operations by revealing a GH₵5.3 billion revenue imbalance.
The PwC audit claims that ECG substantially underreported its revenues to the regulatory body. It claimed only GH₵10.4 billion in income, while its records showed that it collected GH₵15.8 billion.
ECG failed to pay value chain participants in full based on the claimed amount and the cash waterfall method, even though they under-declared.
Only GH₵6.5 billion of the GH₵10.4 billion that was declared was actually disbursed, leaving GH₵3.9 billion in deficiency.
The report also highlights that a revenue collection vendor contracted by ECG received GH₵402 million in commissions—an amount nearly equal to the GH₵412 million paid to the Volta River Authority (VRA) and significantly higher than the GH₵323 million received by Bui Power. Alarmingly, the vendor was paid before power-generating entities.
Additionally, despite an International Monetary Fund (IMF) directive requiring a single collection account, ECG operated 99 bank accounts across 19 banks in 2024. However, 78% of its revenue collections were funneled into a single account.
