The recent audit of the Electricity Company of Ghana (ECG) conducted by PricewaterhouseCoopers (PwC) has uncovered a significant revenue discrepancy of GHS 567 million. This discrepancy, identified in the period between October and December 2023, reflects inconsistencies between the Customer Waterfall Mechanism (CWM) and ECG's Cash Settlement Platform. The findings highlight concerns about transparency and efficiency within ECG's financial management systems, which play a crucial role in Ghana's energy sector.
READ ALSO: PURC updates public on ECG's compliance with Cash Waterfall Mechanism Key findings from the audit The audit revealed that ECG under-declared GHS 567 million in revenues when comparing data from the CWM and its cash settlement systems. The report attributes this to: Fragmented financial systems: Outdated and decentralised platforms hinder accurate reconciliation.
Inefficient data management: Inconsistencies in integrating data between CWM and internal systems.
Weak internal controls: A lack of robust oversight mechanisms allowed discrepancies to persist unchecked.
