Finance

PwC audit uncovers irregularities in electricity revenues

An audit by PricewaterhouseCoopers on the Cash Waterfall Mechanism, CWM, a system for distributing electricity revenue payments, has identified discrepancies between reportedly two of collections and actual disbursements.

The CWM is designed to ensure transparency and timely payments throughout the electricity value chain. The auditors observed that the declared collections and corresponding allocations made by ECG were consistently different from what was actually paid.

This inconsistency defeats the purpose of the CWM, which is to ensure predictability and fairness in payments.

The auditors also identified that some payments were made from accounts outside the designated single collections account, contravening a directive by the Ministry of Finance.

Additionally, disbursements to non-CWM beneficiaries exceeded ECG’s allocated amount. To strengthen the CWM, the auditors recommend improvements in billing, invoicing, disbursement processes, and non-tariff revenue management by ECG. They also advise transitioning the CWM to a technology-based platform and implementing cybersecurity measures.

The next steps involve retrieving missing data and discussing recommendations with stakeholders to ensure a more transparent and efficient CWM.

 

Source: gbcghanaonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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