A recent audit report by PwC has uncovered significant financial irregularities in the operations of the Electricity Company of Ghana (ECG) during the last quarter of 2023.
Multiple Bank Accounts Defy IMF Directive
The report revealed that ECG operated 84 bank accounts across 20 different banks, contravening the directive to consolidate operations into a single bank account under the IMF’s conditionality for financial accountability.
Unexplained Revenue Deductions
The audit also identified revenue discrepancies, with ECG deducting GH₵303 million over two months, labeled as “tax offsets.” However, auditors noted that ECG failed to provide any evidence or rationale for these deductions.
Underpayment of Sector Players
Additionally, ECG reportedly underpaid sector players by GH₵609 million, deviating from allocations outlined in the Cash Waterfall Mechanism designed to ensure equitable distribution of funds within the energy sector. 
These findings highlight systemic financial management issues at ECG, raising concerns about accountability and compliance with sector directives and international agreements.
