A PricewaterhouseCoopers (PwC) financial audit of the Electricity Company of Ghana (ECG) 2024 accounts has revealed massive financial breaches.
According to the audit findings, a vendor contracted by ECG to facilitate and harmonize its revenue collection processes received a staggering GH¢400 million in commissions.
The report further uncovered a GH¢5.3 billion revenue under declaration, fueling speculations about mismanagement, financial inefficiencies, and potential corruption within the power distribution company.
These revelations come at a critical time for Ghana's power sector, which has been plagued by financial instability, debt accumulation, and growing concerns over electricity supply sustainability.
According to the audit report, this payment to the vendor was made before ECG officially declared its revenue collections under the Cash Waterfall Mechanism (CWM), a practice that violates financial transparency and accountability standards.
The Cash Waterfall Mechanism (CWM) was introduced to ensure an equitable distribution of revenue among power sector players, including the Volta River Authority (VRA), Bui Power Authority, Independent Power Producers (IPPs), and fuel suppliers.
However, the PwC report suggests ECG flouted the CWM guidelines by prioritising payments to a private vendor over power generation companies.
-Citinewsroom
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