A comprehensive 2024 audit of the Electricity Company of Ghana (ECG), conducted by PricewaterhouseCoopers (PwC), has uncovered a GH¢5.3 billion revenue discrepancy.

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.

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.

This requirement is a key conditionality of the IMF programme.

However, 78% of its revenue collections were funnelled into a single account.