| Aspect | Government Claim (2026 Budget, Nov 2025) | Official Records/Fact-Check (PURC) | Verdict |
| Claimed Revenue Increase | Almost 90% | Max increase is 66.6% (comparing Dec 2024 to June 2025) | False |
| Stated Baseline Revenue | GHS 900 million (Recorded in 2024) | GHS 970,012,000.00 (Actual December 2024 PURC figure) | Misstated |
| Stated Peak Revenue | GHS 1.7 billion (Recorded in 2025) | GHS 1,616,477,032.29 (Highest reported figure, June 2025) | Exaggerated |
| Attributed Cause | Better enforcement of the Cash Waterfall Mechanism (CWM) | The CWM and digitalization efforts are acknowledged as contributing factors to the actual rise. | Acknowledged |
The Finance Minister’s ECG revenue claims exaggerated the company’s financial turnaround in the 2026 Budget. Cassiel Ato Forson presented the 2026 Budget Statement to Parliament on November 13, 2025. He stated the Electricity Company of Ghana (ECG) revenue rose almost 90% monthly. Specifically, he claimed the figure jumped from GHS 900 million to GHS 1.7 billion. However, publicly available figures from the Public Utilities Regulatory Commission (PURC) show different results. Therefore, a fact-check rates the Minister’s specific percentage claim as false.
The PURC’s Cash Waterfall Mechanism Validation report provides the baseline data. That report confirms the final revenue figure for December 2024 stood at GHS 970,012,000.00. Meanwhile, the Minister used a lower baseline figure of GHS 900 million. GhanaFact reviewed ECG revenue collection over the subsequent seven months. The data ranged from a low of GHS 1,005,200,000.00 in January. Conversely, it hit a high of GHS 1,616,477,032.29 in June 2025. This latter figure represents the best performing month so far this year.
The Minister’s claimed percentage increase proves inaccurate. Indeed, comparing the December 2024 official baseline to the June 2025 peak shows a difference of GHS 646,465,032. Consequently, this results in a percentage change of only 66.6%. The Minister claimed an almost 90% rise. Thus, the official data shows the increase was actually 23.4% lower than stated. This calculation assumes the PURC releases for August, September, and October do not significantly change the outcome.
| Metric | Finance Minister’s Claim (2026 Budget) | Official PURC Record (Validation Report) | Status |
| Claimed Baseline Revenue (2024) | GHS 900 Million | GHS 970,012,000.00 (Dec 2024) | Misstated |
| Claimed Peak Revenue (2025) | GHS 1.7 Billion | GHS 1,616,477,032.29 (Highest, June 2025) | Exaggerated |
| Claimed Percentage Increase | Almost 90% | 66.6% (Increase from GHS 970M to GHS 1.616B) | False |
| Difference in Percentage | N/A | The claimed 90% was 23.4% higher than the actual 66.6% increase. | N/A |
The Minister attributed the revenue success to better enforcement of the cash waterfall mechanism. In addition, the company’s success follows previous major efforts. An October 2024 report by Dr. Steve Manteaw had already highlighted a major turnaround. Dr. Manteaw, the Co-chair of the Ghana Extractive Industry Transparency Initiative, praised the early success. Furthermore, he linked the earlier revenue rise (GHS 700 million to GHS 1.3 billion) to private sector participation. Clearly, the full deployment of digital infrastructure also helped the company. The ECG revenue claims exaggerated the magnitude of the improvement. Therefore, while ECG showed substantial financial improvement, the Minister misstated the final percentage change.
| Month | ECG Revenue Reported (PURC CWM Validation) |
| December 2024 | GHS 970,012,000.00 (Baseline) |
| January 2025 | GHS 1,005,200,000.00 |
| February 2025 | GHS 1,135,702,316.89 |
| March 2025 | GHS 1,390,673,790.70 |
| April 2025 | GHS 1,400,217,026.80 |
| May 2025 | GHS 1,318,670,618.83 |
| June 2025 | GHS 1,616,477,032.29 (Peak Performance) |
| July 2025 | GHS 1,531,990,725.85 |
Source: Joy News (21 October 2024) and GhanaFact (November 2025)
The Finance Minister’s ECG revenue claims exaggerated the company’s financial turnaround in the 2026 Budget. Cassiel Ato Forson presented the 2026 Budget Statement to Parliament on November 13, 2025. He stated the Electricity Company of Ghana (ECG) revenue rose almost 90% monthly. Specifically, he claimed the figure jumped from GHS 900 million to GHS 1.7 billion. However, publicly available figures from the Public Utilities Regulatory Commission (PURC) show different results. Therefore, a fact-check rates the Minister’s specific percentage claim as false.
The PURC’s Cash Waterfall Mechanism Validation report provides the baseline data. That report confirms the final revenue figure for December 2024 stood at GHS 970,012,000.00. Meanwhile, the Minister used a lower baseline figure of GHS 900 million. GhanaFact reviewed ECG revenue collection over the subsequent seven months. The data ranged from a low of GHS 1,005,200,000.00 in January. Conversely, it hit a high of GHS 1,616,477,032.29 in June 2025. This latter figure represents the best performing month so far this year.
The Minister’s claimed percentage increase proves inaccurate. Indeed, comparing the December 2024 official baseline to the June 2025 peak shows a difference of GHS 646,465,032. Consequently, this results in a percentage change of only 66.6%. The Minister claimed an almost 90% rise. Thus, the official data shows the increase was actually 23.4% lower than stated. This calculation assumes the PURC releases for August, September, and October do not significantly change the outcome.
The Minister attributed the revenue success to better enforcement of the cash waterfall mechanism. In addition, the company’s success follows previous major efforts. An October 2024 report by Dr. Steve Manteaw had already highlighted a major turnaround. Dr. Manteaw, the Co-chair of the Ghana Extractive Industry Transparency Initiative, praised the early success. Furthermore, he linked the earlier revenue rise (GHS 700 million to GHS 1.3 billion) to private sector participation. Clearly, the full deployment of digital infrastructure also helped the company. The ECG revenue claims exaggerated the magnitude of the improvement. Therefore, while ECG showed substantial financial improvement, the Minister misstated the final percentage change.
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