An audit of the Electricity Company of Ghana’s (ECG) revenue collection has revealed a GH₵490 million discrepancy in reported revenue between October and December 2023. The shortfall includes both tariff and non-tariff revenue.
According to a report from the Public Utility Regulatory Commission (PURC), the discrepancy was identified between ECG’s regional bank accounts and its head office account.
The audit found that while ECG reported revenue of GH₵3.38 billion during the three-month period, an analysis of the company’s head office bank accounts showed actual recorded revenue of GH₵3.87 billion.
Further investigations traced the discrepancy to the monthly transfer of funds from district and regional accounts into ECG’s 14 head office accounts. This process created inconsistencies between the revenue figures reported by ECG and those found in the audit.
The review, which examined key bank accounts used by ECG for revenue collection and disbursement, highlighted the need for stronger financial oversight.
To prevent future discrepancies, the auditors recommended several corrective measures, including:
- Implementing debit notes for fuel purchases
- Strengthening internal reconciliation mechanisms
- Using revenue data from the ECG Cash Settlement Platform (ECSP) vendor
- Reevaluating the approach to the Single Collection Account
- Establishing a robust fund monitoring system
These measures aim to enhance transparency, improve financial reporting, and ensure greater accountability in ECG’s operations.
