In his presentation of the 2024 Annual Report on the Management of the Energy Sector Levies and Accounts (ESLA), Finance Minister Dr. Cassiel Ato Forson highlighted a significant shortfall in revenue collections for the year.

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He revealed that collections had missed the revised target by more than half a billion Ghana cedis, reflecting a 6% underperformance compared to the mid-year target set for 2024.

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While this was an improvement over the 11% shortfall seen in 2023, Dr. Forson noted that the trend of revenue shortfalls continues, with a similar 8% underperformance recorded in 2022.

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The Finance Minister acknowledged the ongoing challenges in the energy sector, pointing to "commercial and technical losses as well as unpaid invoices by customers" as key contributors to the disappointing results.

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Despite this, he expressed optimism about the transparency and accountability efforts enabled by the regular updates provided through the annual ESLA reports.

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"We continue to read the Annual Reports presented to Parliament, and through these reports, Ghanaians have secured insights into the performance and utilisation of the levies in the energy sector," he stated.

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"Effectively, it has become a critical tool for assessing the effectiveness of ESLA in addressing challenges in the energy sector."

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Despite the shortfall, the Minister pointed out that lodgments exceeded the 2023 figures by 17.4%. However, actual collections still fell short by GH¢600.78 million, a 7% gap. He noted that about 75% of the lodged funds were utilized in 2024, which was in line with 2023's utilization.

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Dr. Forson also mentioned the winding down of the ESLA Bond Programme and the closure of E.S.L.A. PLC as key developments for the year.

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He stressed that these challenges are symptomatic of broader issues within the energy sector, which poses substantial risks to the overall economy. "The findings reinforce the need to reset the energy sector and turn around its fortunes," he remarked.

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In conclusion, Dr. Forson called on all stakeholders to rally together to ensure that ESLA fulfills its purpose and contributes effectively to energy security.

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"Let us rededicate ourselves to the task at hand, which is resetting and reinvigorating ESLA to achieve energy security for our country," he urged.

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He also commended the efforts of the ESLA Working Group, as well as civil society organizations, the media, and academia for their continued support in preparing the report.

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