A recent audit report by PricewaterhouseCoopers (PwC) reveals how the Electricity Company of Ghana (ECG) is grappling with operational inefficiencies with management of over 80 active bank accounts. This decentralised financial structure hampers transparency and accountability, directly contravening International Monetary Fund (IMF) conditionalities tied to Ghana's financial support programme.
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Senator demands Ghana repay $251m debt to American firms before IMF loan approval Decentralisation of bank accounts undermines efficiency at ECG PwC's audit highlights that ECG's fragmented financial systems make reconciliation and cash flow management difficult. The company's reliance on multiple accounts contravenes the Ministry of Finance's directive to consolidate revenue collections into a single account.
This directive, which aligns with IMF recommendations, aims to enhance financial transparency and streamline operations within state-owned enterprises.
