Monday 30th December, 2019
Accra, Dec.30, GNA –
The Ghana Grid Company Limited (GRIDCo) says it has disconnected power supply
to the Volta Aluminium Company Limited (VALCO) over a US$30 million debt owed
utility company, in a statement copied to the Ghana News Agency on Monday, said
the decision was taken by its Management after several attempts to get VALCO
honour its payment obligations proved futile.
The Company said the
decision to cut off power from VALCO was part of an ongoing debt collection
exercise to mobilize the needed funds to support its operations.
had been significantly impaired due to huge unpaid debts owed by its bulk
customers, currently amounting to over GH¢1.2 billion,” the one-pay worded
At its Annual
General Meeting in November 2019, the Company announced that its network
expansion efforts had been hampered by the current financial situation.
Amoako-Baah, the Chief Executive of GRIDCo, was quoted in the statement as
saying: “We play a critical role in Ghana’s power sector and we need every
resource available to us to continue delivering on our mandate to our key
stakeholders and clients.
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.”