A recent financial audit of the Electricity Company of Ghana (ECG) has revealed a significant revenue collection shortfall of GH₵490 million for the last quarter of 2023.
Conducted by the Public Utilities Regulatory Commission (PURC), the audit exposed troubling discrepancies in both the tariff and non-tariff revenue records.
The investigation uncovered a mismatch between the reported revenue figures at ECG’s headquarters and the actual deposits made into regional bank accounts.
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ECG reported a total of GH₵3.38 billion in revenue for the period between October and December. However, a deeper review of the company’s headquarters bank accounts revealed a higher total of GH₵3.87 billion, revealing a glaring gap of GH₵490 million.
The audit further revealed that ECG’s district and regional offices are legally obligated to transfer all collected funds to 14 specific accounts at the company’s headquarters each month.
Despite this clear mandate, there were multiple inconsistencies in these transfers, which contributed directly to the financial shortfall.
The findings point to serious flaws in ECG’s revenue collection and bank account management systems.
These deficiencies raise questions about the company’s ability to effectively track and manage its finances, calling for urgent reforms to close the gap and ensure financial transparency moving forward.
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