A tall list of alleged losses and irregularities of Minority Leader Alexander Afenyo-Markin as the Chairman of the Electricity Company of Ghana (ECG) has popped up following his back and forth with the Goldbod CEO, Sammy Gyamfi.
The list compiles alleged financial losses and irregularities at Ghana’s Electricity Company of Ghana (ECG) during Alexander Afenyo-Markin’s tenure as board chairman, including a GH¢8.26bn net loss for 2024, major revenue discrepancies, procurement overspending, and unaccounted shipping containers.
The claims were attributed to official sources like ECG audited statements, PwC audit findings, Parliament of Ghana, the Auditor-General, and PURC reports.
The post shared by Bongo Ideas on X read, “REPORTED/ALLEGED LOSSES AND IRREGULARITIES DURING AFENYO-MARKIN’S PERIOD AS ECG BOARD CHAIRMAN
❌ GH¢8.26bn — ECG net loss for 2024. (Source: ECG 2024 Audited Financial Statements)
❌ GH¢5.3bn — Revenue discrepancy reported from the 2024 ECG revenue audit. (Source: Official ECG/PwC Audit Findings)
❌ GH¢3.9bn — Revenue payment shortfall to power-sector players. (Source: Official ECG/PwC Audit Findings)
❌ GH¢8.2bn — Materials procured in 2024 against a GH¢1.3bn procurement budget. (Source: Parliament of Ghana) (Parliament)
❌ GH¢6.9bn — Procurement spending above the approved 2024 budget. (Source: Parliament of Ghana) (Parliament)
❌ 1,347 containers — Initially reported unaccounted for from ECG’s container records. (Source: Parliament of Ghana / Official ECG Investigation)
❌ About GH¢1.5bn — Liability associated with ECG containers and port-related costs. (Source: Parliament of Ghana / Official ECG Investigation)
❌ About 2,500 containers — ECG containers reported uncleared at Tema Port. (Source: Ministry of Energy / Official ECG Investigation)
❌ US$30.73m — Amount paid for aluminium conductors through local suppliers. (Source: Auditor-General of Ghana)
❌ US$17.09m — Additional procurement cost compared with direct manufacturer prices. (Source: Auditor-General of Ghana)
❌ GH¢402m — Revenue-collection vendor commissions recorded in the audit. (Source: Official ECG/PwC Audit Findings)
❌ GH¢5.14m — Value of 6,096 prepaid meters reported unused. (Source: Auditor-General of Ghana)
❌ GH¢15.8bn — Revenue recorded as collected in 2024. (Source: Official ECG/PwC Audit Findings)
❌ GH¢10.4bn — Revenue declared through the Cash Waterfall Mechanism. (Source: Official ECG/PwC Audit Findings)
❌ GH¢6.5bn — Amount distributed to power-sector players. (Source: Official ECG/PwC Audit Findings)
❌ 99 bank accounts — ECG accounts maintained across 19 banks. (Source: Official ECG/PwC Audit Findings)
❌ 32% distribution losses — ECG’s electricity losses as a share of total electricity purchased in 2024. (Source: PURC) (PURC)
❌ 30.75% system losses — ECG system-loss level reported in a 2024 PURC regulatory brief. (Source: PURC) (PURC)
❌ Brand-new aluminium cables/materials — Issues surrounding ECG materials and containers were raised before Parliament. (Source: Parliament of Ghana)
❌ Procurement irregularities — Parliament raised concerns over ECG’s procurement spending and approval processes. (Source: Parliament of Ghana) (Parliament)”.
Afenyo-Markin’s alleged losses and irregularities during Afenyo-Markin’s period as ECG board chairman come on the back of Sammy Gyamfi, the Chief Executive Officer (CEO) of Ghana Gold Board (GoldBod), taking the Minority Leader, Alexander Afenyo-Markin, to the cleaners over his recent threat of jailing officials of the GoldBod.
Sammy Gyamfi, speaking at the Government Accountability Series on Wednesday, August 19, 2026, revealed he was not perturbed by the threats of jail by the Minority Leader.
The GoldBod CEO accused Afenyo-Markin of an 8.2 billion loss under his tenure as board chairman at ECG.
Sammy Gyamfi described Afenyo-Markin’s comments as “the fanciful efficiency of a palm wine bar”, saying they should be treated as comic relief rather than serious parliamentary commentary.
He stated, “My good brother, Felix, says something. He says politics is a contact sport. So, when you are involved in politics, you are involved in boxing; you should be ready for tackles. You should be ready for punches. And some of us are vaccinated against political mischief. We’ve taken the vaccine, so we are not worried at all”.
Sammy Gyamfi went on to slam the Minority Leader over his record at the Electricity Company of Ghana (ECG) as board chairman, “But what I want to say is this: If the one under whose tenure as board chairman at ECG, you know, where ECG recorded a loss of 8.2 billion, is not facing any onerous bail terms, and how can Sammy Gyamfi under whose tenure the Gold Board has exported 170 tonnes of gold through formal channels and brought into this country over 17 billion United States dollars in one and a half years, face onerous bill terms?
See the post below:
REPORTED/ALLEGED LOSSES AND IRREGULARITIES DURING AFENYO-MARKIN’S PERIOD AS ECG BOARD CHAIRMAN
— BONGO IDEAS ™ (@BongoIdeasHQ) August 20, 2026
❌ GH¢8.26bn — ECG net loss for 2024. (Source: ECG 2024 Audited Financial Statements)
❌ GH¢5.3bn — Revenue discrepancy reported from the 2024 ECG revenue audit. (Source: Official… pic.twitter.com/55Rw0Z4TFg
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