ECG, VALCO owing Ghana’s GRIDCo GH¢882m – CEO

Debts owed by the Electricity Company of Ghana (ECG) and the Volta Aluminium Company Limited (VALCO) to the Ghana Grid Company Limited (GRIDCo) continue to severely affect the operations of the company, the Chief Executive Officer (CEO) of the company, Mr Jonathan Amoako-Baah, has said.

The ECG and VALCO owe GRIDCo to the tune of GH¢862 million. Although GRIDCo made total revenue of GH¢715.2 million in 2017, representing a 6.14 per cent increase over the 2016 revenue of GH¢673.83 million, the company made a net loss of GH¢31 million due to the huge debts and interest on loans.

Making this known at the ninth annual general meeting of the company in Accra yesterday, Mr Amoako-Baah said the debts owed by the two companies, among other challenges, affected GRIDCo’s performance and obligations to its stakeholders.

Source: Graphic Online

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