Accra:The Electricity Company of Ghana (ECG), Ghana National Petroleum Corporation (GNPC), and Bulk Oil Storage and Transportation Company Limited (BOST) have detailed their responses to audit findings as they appeared before Parliament's Public Accounts Committee. This scrutiny forms part of an examination of how these institutions, under the Ministry of Energy, manage public funds.
According to Ghana Web, the agencies discussed measures to correct irregularities identified in the 2025 Auditor-General's reports. ECG notably reported repaying GHS1.3 billion out of GHS1.4 billion in taxes owed to the Ghana Revenue Authority, a move which the committee praised. This repayment accounts for 92.9 percent of the total owed, with a remaining balance of GHS100 million pending reconciliation.
ECG also highlighted improvements in revenue collection and the suspension of uneconomical vehicle lease payments throughout 2025, aiming to mitigate financial concerns. These developments occur amid broader evaluations of ECG's financial management and procurement practices.
GNPC addressed its operational challenges, citing inadequate domestic gas production and reliance on imports from Nigeria. The corporation plans to boost local production, explore investment opportunities to cut costs, and diversify revenue through potential mining sector investments. These strategies aim to enhance operational sustainability and alleviate gas supply cost pressures, though further details on investments and production are needed to assess financial impacts.
BOST reported rectifying a contract overpayment, though specifics were not disclosed. Additionally, the Energy Commission improved payment controls, fraud prevention, and debt recovery efforts, including managing retirees' medical bills.
Other institutions, such as the Volta River Authority and Bui Power Authority, also addressed audit concerns. The Valco Trust Fund is expected to provide further clarifications on October 19.
This oversight initiative is part of Parliament's responsibility to monitor public expenditure and enforce Auditor-General recommendations. The focus on financial management in Ghana's energy sector follows a report highlighting GHS15.8 billion in irregularities within the Ministry of Energy for the 2024 audit, distinct from the ongoing 2025 proceedings.
The committee's continued engagement seeks to verify corrective actions, strengthen financial controls, and ensure effective use of public resources.