The Electricity Company of Ghana (ECG), Ghana National Petroleum Corporation (GNPC) and Bulk Oil Storage and Transportation Company Limited (BOST) have outlined measures to address audit concerns as Parliament’s Public Accounts Committee (PAC) scrutinises the management of public funds by institutions under the Ministry of Energy.

The agencies appeared before the committee to respond to findings in the 2025 Auditor-General’s reports, explaining steps taken to correct identified irregularities, strengthen internal controls and improve operational efficiency.

One of the key developments was ECG’s disclosure that it had repaid GH¢1.3 billion out of GH¢1.4 billion in taxes owed to the Ghana Revenue Authority (GRA), following tax irregularities identified in the audit report. The reported repayment represents approximately 92.9 per cent of the amount owed, leaving a balance of GH¢100 million, subject to confirmation of the final reconciliation.

The committee commended ECG for the repayments, according to a report by Energy Crossroad on the October 16 sitting.

ECG also reported improvements in revenue mobilisation and said it had suspended payments under an uneconomic vehicle lease agreement throughout 2025, as it sought to address concerns about the financial implications of the arrangement.

The company’s appearance before the committee comes amid wider scrutiny of its financial management, procurement practices and revenue collection systems.

GNPC, meanwhile, attributed some of its operational challenges to inadequate domestic gas production and the need to import gas from Nigeria. The corporation outlined plans to increase local production, explore domestic investment opportunities to reduce costs and consider investments in the mining sector as part of efforts to diversify its revenue streams.

The proposed measures are intended to improve operational sustainability and reduce the cost pressures associated with meeting Ghana’s gas requirements. However, the corporation’s plans will require further details on expected investments, production targets, timelines and projected savings to establish their likely financial impact.

BOST also reported that it had corrected a contract overpayment, although the amount involved and the specific circumstances surrounding the payment were not provided in the available briefing.

The Energy Commission, for its part, outlined improvements in payment controls and fraud prevention, alongside efforts to recover outstanding debts and manage medical bills for retirees.

Other institutions, including the Volta River Authority (VRA), Bui Power Authority and Petroleum Hub Development Corporation, also responded to audit concerns relating to their respective operations.

The Valco Trust Fund, however, has been directed to reappear before the committee on Monday, October 19, for further clarification on issues raised during the proceedings.

The latest engagements form part of Parliament’s oversight responsibility to examine public expenditure, demand explanations for financial irregularities and ensure that recommendations by the Auditor-General are implemented.

The scrutiny comes against the backdrop of wider concerns about financial management in Ghana’s energy sector. A report on the 2024 Auditor-General’s findings published by JoyNews in July 2025 estimated that institutions under the Ministry of Energy accounted for GH¢15.8 billion, or 86 per cent, of the GH¢18.4 billion in financial irregularities recorded across public boards and statutory institutions in that report.

Those figures relate to the 2024 audit findings and should not be confused with the separate 2025 audit proceedings currently under review.

While the agencies have outlined corrective measures, the key test will be whether the actions lead to verified recoveries, stronger financial controls and lasting improvements in the use of public resources.

The committee’s continued engagement with the institutions is expected to establish which concerns have been fully resolved, which remain outstanding and what further action is required to prevent similar irregularities.

EA