29 C
Accra
Wednesday, February 24, 2021
No menu items!

GRIDCo disconnects power to VALCO over US$30m debt

Must Read

Amponsah William qualifies for Africa Cross Country Championship

Ghana's long-distance runner William Amponsah has qualified for the Africa Cross Country Championship scheduled for Lome, Togo on March...

Hair creams can cause fibroids, infertility – Prof Agyemang Badu Akosa

African women and women of African descent who use hair straightening creams and lotions on their hair stand a...

Robber, ex-convict jailed 39 years for robbery and rape

Prince Adu, a.k.a Dracula, 27, a notorious armed robber and an ex-convict has been caged again for 39 years...

The Ghana Grid Company Limited (GRIDCo) has disconnected power supply to the Volta Aluminum Company Limited (VALCO), following the alleged failure of the company to settle over US$30 million outstanding debt to the power transmitter.

“The decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed.

The decision to disconnect VALCO is part of ongoing debt collection measures to mobilize the needed funds to support its operations”, a statement issued by GRIDCo on Monday, December 30, announced.

According to the statement, GRIDCo’s operations have been significantly impaired due to huge unpaid debts owed by its bulk customers, currently amounting to over GH¢1.2 billion.

At its recent Annual General Meeting (AGM) in November 2019, the company announced that its network expansion efforts have been hampered due to the current financial situation.

The statement issued by Mr. Ebenezer Amankwah, Corporate Communications Manager of GRIDCo, quotes the Chief Executive Officer of GRIDCo, Mr. Jonathan Amoako-Baah as saying that GRIDCo plays a critical role in Ghana’s power sector and needs every resource available to it to continue delivering on its mandate to key stakeholders and clients.

“VALCO’s debts continue to mount and will create major problems for our operations if nothing is done about it. We have been engaging the management of VALCO since the first half of this year to agree on a payment plan but nothing has come out of it. We have been left with no option as our continued state of affairs is unsustainable. We take the opportunity to entreat other customers indebted to GRIDCo to take steps to settle their debts.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Amponsah William qualifies for Africa Cross Country Championship

Ghana's long-distance runner William Amponsah has qualified for the Africa Cross Country Championship scheduled for Lome, Togo on March...

Hair creams can cause fibroids, infertility – Prof Agyemang Badu Akosa

African women and women of African descent who use hair straightening creams and lotions on their hair stand a higher risk of developing fibroid...

Robber, ex-convict jailed 39 years for robbery and rape

Prince Adu, a.k.a Dracula, 27, a notorious armed robber and an ex-convict has been caged again for 39 years imprisonment in hard labour for...

Minority demands clarity on Public Enterprises Ministry

The vetting of the Minister-designate for Public Enterprises, Mr. Joseph Cudjoe, was briefly put on hold after the Minority Group Leader questioned the legality...

Covid-19 vaccines to be deployed to health facilities, designated centres from March 2

Ghana is to begin the Covid-19 vaccination on March 2 as government takes delivery of 600,000 AstraZeneca doses today. The Information Minister-designate, Kojo Oppong Nkrumah...

More Articles Like This