A forensic audit conducted by the Ministry of Energy has led to the discovery of $500m debt at the Electricity sub sector of the Ministry.

Chronicle gathered from sources close to the Ministry that similar exercises conducted at other sectors under the Ministry has uncovered $86m debt at Bulk Oil Storage and Transportation (BOST) and $8 million at the Ghana National Petroleum Corporation (GNPC).

A credible source at the Ministry told the paper that the huge debt is minus the $920m uncovered at the Tema Oil Refinery (TOR) by accounting giants - KPMG. The Chronicle gathered that the Ministry would soon be holding a press conference to make the findings public.

The Ministry is reportedly fuming over the issue, since it would stifle it of funds to initiate new projects. "It will hinder the ability of the Ministry to carry out new power projects," a source hinted.

The Chronicle gathered that the debt arose from a number of contracts that were awarded by the previous administration to carry out electrification projects across the country, but which no payments were effected.