The national power producer, the Electricity Company of Ghana (ECG), failed to pay dividends to its sole shareholder, the government, in 2025.

Despite ECG’s improved finances that year, the company was unable to break even to pay its shareholder, the ECG Board of Directors have said.

Speaking at the 18th Annual General Meeting  (AGM) of the company in Accra on Thursday (July 30), the Board Chairman, William Amuna, said ECG saw a revenue increase by 16.2% to GH¢22,109 million from its previous GHC 19,020 million.

Liabilities resulted in a loss after tax of GH¢2,521.20 million in 2025, which was a significant improvement compared to the GH¢8,255.80 million recorded in 2024. This represents a 69.4% reduction in losses year‑on‑year, highlighting a major turnaround in the company’s financial performance.

“In view of the financial outcome for the year and the company’s retained losses position, the Directors do not recommend the payment of dividend,” Mr Amuna told the meeting.

While acknowledging the need for his outfit to improve its financial position, the Director assured government of its efforts to implement its proposed measures to improve revenue.

Mr Amuna said the board acknowledged the need to restore the company’s financial position and had thus supervised the implementation of government’s proposed reforms, which were already yielding results while stressing ECG’s commitment to implementing measures to strengthen ECG’s long-term financial sustainability.

“The Board is working with management and engaging Government and the regulatory stakeholders on a sustainable long-term financing framework for the distribution sector,” he stated.

Mr Amuna further said the board has endorsed a four-channel strategy for debt reduction, tariff full cost recovery, loss reduction, improved collections and the growth of other income streams.

“This strategy has been endorsed by the Board and is being actively pursued by management,” the ECG board chairman told the AGM.

Meanwhile, the AGM, the first in over eight years, was attended by the sole shareholder, the state, represented by the Ministry of Finance and the State Interest Governance Authority ( SIGA).

Also in attendance were members of the board, ECG management and other stakeholders such as the Public Utilities Regulatory Authority (PURC), GRIDCo, the Volta River Authority (VRA) and independent power producers.

Auditor General on ECG unpaid tax

In early July, the Auditor-General (A-G) unveiled new findings in the audit of the public accounts of government ministries, departments, and agencies (MDAs).

According to the Auditor-General's latest report, ten state institutions, including the power distribution company Electricity Company of Ghana (ECG), contributed to the financial irregularities worth about GH¢5.2 billion in 2024.

The statement added that the power distribution company had the largest unpaid tax bill among all the state institutions mentioned in the audit, with GH¢1.4 billion.

The report stated that tax-related irregularities amounted to GH¢4.8 billion, making them the largest category of irregularities identified during the audit. Of that amount, more than GH¢3 billion comprised outstanding tax obligations owed by ECG and the other nine state institutions in 2024.

Meanwhile, last year, ECG launched the “Operation All Must Pay” initiative to facilitate the retrieval of outstanding debts owed by customers across the nation as well as prosecute offenders involved in illegal connection.

The exercise came to a close on September 30 after it began on September 9, targeting residential, commercial, industrial, and government institutions such as Ministries, Departments, and Agencies (MDAs).

A statement released by the Electricity Company of Ghana states, “The exercise will include Bill distribution, streetlights & SHEP meter capturing & reporting. This exercise will be monitored by special teams who will apprehend and prosecute customers who have connected electricity illegally, or attempt to interfere with the exercise, or undertake illegal self-reconnection after disconnection.”

ECG further advised customers with arrears to pay their bills immediately to avoid disconnection and payment of reconnection fees.

The government, on the other hand, has implemented measures to revive Ghana’s energy sector. Last year, the President John Dramani Mahama-led government implemented a GH¢1 fuel levy on petroleum products.

This move falls under the Energy Sector Levies (Amendment) Act, 2025 (Act 1141), which was assented to by the President on June 5 to address energy-sector shortfalls, reduce legacy debts, and stabilise power supply across the country, following parliamentary approval.

“We were told that the GH¢1 levy will allow the government to keep the lights on, and so now the question is, why are our lights not on? We were told that we were paying the GH¢1 to use it to buy fuel, but when the NPP was leaving, we handed fuel to them, and so the question is why Ghanaians must continue to sleep in darkness, and businesses are collapsing.