An audit report has uncovered a significant financial discrepancy at the Electricity Company of Ghana (ECG), revealing that GH₵490 million went unaccounted for between October and December 2023. The audit, commissioned by the Public Utility Regulatory Commission (PURC), examined both tariff and non-tariff revenue generated by the company.

The report highlights a mismatch between ECG’s regional bank accounts and its headquarters’ account. ECG reported revenue of GH₵3.38 billion for the period, but analysis of the head office bank accounts showed the total was actually GH₵3.87 billion, exposing a GH₵490 million gap.

The funds were traced back to transfers from district and regional accounts to the central head office accounts, where the discrepancy was identified. The audit, which involved a detailed review of ECG’s operational bank accounts, recommended several measures to prevent future discrepancies, including improved reconciliation processes, more rigorous monitoring, and the use of debit notes for fuel purchases.

This finding raises fresh concerns over financial management at ECG, prompting calls for increased oversight and transparency in the company’s operations.

Source:TheDotNews