Exchange Rate Manipulations by ECG Trigger Fiscal Alarms-ACEP Demands Accountability


The Africa Centre for Energy Policy (ACEP) has raised alarms over the Electricity Company of Ghana’s (ECG) handling of exchange rates, revealing that the company's manipulations have contributed to Ghana’s mounting financial troubles. According to Kodzo Yaotse, ACEP’s Policy Lead, ECG’s reported exchange rates for its transactions were significantly higher than the inter-bank rate, resulting in a net exchange loss of GHS 6.5 billion in 2022 and approximately GHS 7 billion in 2023.


Despite requests through the Right to Information (RTI) process, ECG has delayed providing historical exchange rate data, citing the extensive nature of the request. ACEP warned that such practices undermine the cash waterfall mechanism, distort the company's ability to pay for value chain services, and redirect public resources away from critical sectors.


ACEP is calling for immediate reforms, including a transparent audit of ECG’s financial practices and the replacement of the current management team to safeguard Ghana’s fiscal health.

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