Monday, June 27, 2022

GRIDCo disconnects power to VALCO over US$30m debt

Must Read

Need for all Media Personalities to unite to better lives of Ghanaian Journalists

By Dr. Nana Sifa Twum After two years of election litigation, the Ghana Journalists Association (GJA), on Friday, June 24,...

Ghana showcased in colours at Okyeman Ohum Homecoming Festival

By Nana Asare Mireku Another opportunity to portray culture in pome and pageantry as Vice President, Dr. Mahamadu Bawumia, entreated...

Transit trade declines by 23% in first quarter of 2022

By Nathaniel Nartey Data from the State Insurance Company (SIC), has revealed that transit trade for the first quarter of...

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

Need for all Media Personalities to unite to better lives of Ghanaian Journalists

By Dr. Nana Sifa Twum After two years of election litigation, the Ghana Journalists Association (GJA), on Friday, June 24,...

Ghana showcased in colours at Okyeman Ohum Homecoming Festival

By Nana Asare Mireku Another opportunity to portray culture in pome and pageantry as Vice President, Dr. Mahamadu Bawumia, entreated Ghanaians to reflect on core...

Transit trade declines by 23% in first quarter of 2022

By Nathaniel Nartey Data from the State Insurance Company (SIC), has revealed that transit trade for the first quarter of 2022 decreased by 23 percent...

Stigmatising return migrants is dangerous to migration management – stakeholders

Ms Josephine Oppong-Yeboah is a media personality and gender advocate. She believes that the best every community could do to their return migrants was...

Citizens must be at centre of every decision made by government- Speaker

Story: Franklin ASARE-DONKOH Speaker of Ghana’s Parliament, Rt. Hon. Alban S.K. Bagbin, says Ghanaians must be at the centre of every decision made by the...

More Articles Like This