The Electricity Company of Ghana (ECG) has been found to be operating 84 bank accounts across 20 different banks, despite directives to manage a single account for all revenue collections and disbursements, according to a PricewaterhouseCoopers (PwC) audit report.

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The audit, part of Ghana's IMF-supported program, revealed that ECG’s financial practices contradict the requirement to consolidate all financial activities under one account. This measure was aimed at enhancing financial transparency and efficiency in the state-owned power distribution company.

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“We observed through our validation procedures that ECG operates multiple bank accounts (84 accounts) with 20 different banks. This scattered approach to banking is inconsistent with the directive to centralize all financial activities under a single collection account,” stated the PwC report.

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PwC also recommended that ECG consider consolidating its banking operations by selecting a financial institution with a broader branch network. This, they noted, would minimize the need for multiple accounts and improve operational efficiency.

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Additionally, the audit raised concerns about ECG's payment practices, noting consistent delays in payments to Independent Power Producers (IPPs) and regulatory bodies. The PwC report emphasized that ECG's failure to meet its monthly payment obligations, as required by the Cash Water Management (CWM) guidelines, could result in financial strain for the company.

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“Untimely payments to IPPs and regulatory bodies have led to delays and disruptions in the energy sector, undermining the smooth operation of Ghana’s power distribution system,” the report added.

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