The Africa Center for Energy Policy (ACEP) has raised serious concerns about how the Electricity Company of Ghana (ECG) has handled its exchange rate transactions for power distribution.
According to a Policy Lead on Petroleum and Conventional Energy at ACEP, Kodzo Yaotse, the ECG has been reporting exchange rates to the Cash Waterfall Committee that are significantly higher than the inter-bank rates.
This discrepancy has led to substantial financial losses for the company.
“This exchange rate manipulation created a net exchange loss of about GH₵6.5 billion in 2022 (from GH₵609 million in 2021) and about GH₵ 7 billion in 2023”, Mr Yaotse said.
He cautioned that the figures highlight a troubling trend that has significant implications for the financial health of ECG and the broader energy sector in Ghana.
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