An audit of the Electricity Company of Ghana’s (ECG) revenue collection identified a discrepancy of GH₵490 million between October and December 2023.
This is on the company’s tariff and non-tariff revenue generated.
The audit report by the Public Utility Regulatory Commission (PURC) revealed a discrepancy between the regional bank accounts and the headquarters’ account of ECG.
The report states, “From October to December 2023, ECG recorded a revenue of GH₵3.38 billion. Yet, an analysis of the Head Office bank accounts reveals the revenue was GH₵3.87 billion.”
The report revealed that unaccounted funds were discovered after discussions with ECG. It was observed that all district and regional account funds are transferred to the 14 head office accounts at the end of each month.
This led to a GH₵490 million discrepancy between the figures reported in the analysis and those provided by ECG.
The audit explained that the analysis was “Based on identification, review, and analysis of the relevant bank accounts used by ECG in its operations, including those for revenue collection and disbursements.”
The auditors suggested implementing several measures to avoid similar discrepancies in the future. These include using debit notes for fuel purchases, establishing internal reconciliation mechanisms, utilizing revenue data from the ECG Cash Settlement Platform (ECSP) vendor, reviewing the strategy for managing the Single Collection Account, and developing a system to monitor allocations.
