The Electricity Company of Ghana (ECG) has been cited as the institution with the highest number of cash irregularities in 2024, according to the latest Auditor-General’s report on public boards, corporations, and statutory institutions.
The report uncovered a staggering GH¢4.6 billion in financial infractions, the largest amount among the audited entities stemming from payments made without proper documentation, unaccounted revenue, and unretired imprests.
The findings mark a dramatic surge in financial lapses compared to previous years. In 2023, such undocumented transactions stood at GH¢7.9 million, but ballooned by over 58,000% in 2024, exposing deep flaws in financial oversight across key public institutions.
At the center of the infractions is ECG, Ghana’s main power distributor, which reportedly failed to declare revenues amounting to GH¢2.95 billion in 2023. This under-reporting has been linked to the company’s inability to settle a GH¢70.9 million tax liability to the Ghana Revenue Authority (GRA). The report also revealed ECG’s failure to disburse GH¢1.29 billion owed to state-owned enterprises and Independent Power Producers (IPPs).
According to the Auditor-General, the lapses were largely due to poor oversight, missing or insecure financial records, and persistent breaches of the Public Financial Management Act (PFMA). Weak internal controls and ineffective leadership were also flagged as major contributors.
In total, cash irregularities accounted for nearly one-fourth of all financial infractions recorded in the 2024 audit, which totaled GH¢18.4 billion.
While recommendations have been made for stricter financial controls and enforcement, the report notes that accountability remains low and corrective actions are yet to be fully disclosed.
The Auditor-General is calling for enhanced supervision, better record-keeping, and full enforcement of financial accountability laws to prevent further financial mismanagement in public institutions.