A recent PricewaterhouseCoopers (PwC) audit of the Electricity Company of Ghana (ECG) for the 2024 financial year has uncovered a significant revenue under-declaration amounting to GH¢5.3 billion.
The audit report reveals a discrepancy of GH¢5,331,228,363 between the Cash Waterfall Mechanism (CWM) and ECG’s Cash Settlement Platform Report, highlighting substantial underreporting of revenue to the regulator.
ECG reportedly collected GH¢15.8 billion in revenue in 2024 but declared only GH¢10.4 billion to the CWM, omitting GH¢5.3 billion from official records. This raises concerns about ECG’s financial management practices and poses serious implications for Ghana’s energy sector, which is already grappling with liquidity challenges, unpaid debts to Independent Power Producers, and inefficiencies in revenue collection.
Despite under-declaring its revenue, ECG also failed to properly allocate funds to key stakeholders in the power value chain. Of the GH¢10.4 billion officially reported, only GH¢6.5 billion was disbursed, leaving a GH¢3.9 billion shortfall unaccounted for.
Further discrepancies were identified between tariff revenue collections. The CWM recorded GH¢10.44 billion for the January–December 2024 period, whereas bank statements validated revenue collections at GH¢15.53 billion. This resulted in a net under-declared amount of GH¢5.09 billion when comparing CWM figures to validated bank data.
