ECG records GH¢10.21bn loss in 2022

The Electricity Company of Ghana (ECG) reported a staggering GH¢10.21 billion loss in 2022, a significant increase from the GH¢1.91 billion loss in 2021, Graphic Online reports.

This 433% rise in losses was primarily due to exchange rate fluctuations and increased power distribution costs, exacerbated by the cedi's depreciation.

During this period, many consumers experienced intermittent power supply, leading

Read full articleto prolonged blackouts and disruptions in daily activities. These losses were detailed in the latest Auditor General’s Report on public boards, corporations, and other statutory institutions for 2023.

Despite ECG’s income rising by 24.1% to GH¢15.03 billion in 2022, driven by increased internally generated funds and government grants, total expenditure surged by 80% to GH¢25.23 billion. This spike was mainly due to higher power purchase costs and foreign exchange losses.

The report also highlighted ECG's increasing liabilities, which grew by 66.3% to GH¢29.43 billion, and issues such as grounded trucks and unallocated credit transactions worth GH¢10.94 million.