Audio By Carbonatix
The 2019 Auditor-General’s report has revealed a ¢230 million debt owed the Ghana Grid Company Limited (GRIDCo).
Experts say this amount accumulated as of December 2017, may be responsible for recent major national power cuts.
GRIDCO and other players in the power sector came under intense pressure and public backlash following intermittent power outages some weeks ago.
The President’s representative at the Finance Ministry, Charles Adu Boahen some days later admitted there were challenges in the power sector but said the challenges have not reached a crisis stage.
However, the A-G's report says these outstanding receivables may become impaired, and also impact negatively on the company's operating cash flow.
The report lists Enclave Power Company Limited as owing GRIDCo a little over ¢3 million, Electricity Company of Ghana's debt is over ¢1 million, Northern Electricity Distribution Company (NEDCo), ¢63 million.
Bui Power Authority owes GRIDCo more than ¢4 million and Volta Aluminium Company Limited also owing over ¢15 million.
Others include Great Consolidated Diamonds and Free Zones Board bringing the total to more than ¢230 million.
Management of GRIDCo responded that the debts, relating to NEDCo, ECG and VALCO are being considered for settlement under the ESLA Bond arrangement.
It says management is making efforts to collect the monies.
The Auditor-General's report also stated that the Ghana Grid Company Limited did not have a signed transmission service agreement with some customers and generators, although its accounting and finance manual requires a contract to be in place for such services rendered.
The report says the absence of signed agreement with customers may result in the company not been able to enforce the terms of these agreements.
Also in the event of disputes, the company may have no legal point of reference in settling them.
Latest Stories
-
UK–Ghana Strategic Partnership tackles global scientific literacy gap at Imperial College
5 minutes -
GIMPA@65: Gov’t, Alumni push for digital transformation, renewed focus on public service training
9 minutes -
Climate Evidence: Behind The Seal – Safety questions trail sachet water industry
10 minutes -
Gaps in candidate ability to understand questions raises concerns – WAEC
13 minutes -
Zen Garden named Ghana’s Best Live Music Venue
19 minutes -
Richmond University, Amma Prempeh partner for Bonwire Kente event
38 minutes -
Forestry Commission foils armed attack at Subri River forest reserve
38 minutes -
JoyNews to host ‘Democracy Is Not For Sale’ forum today
41 minutes -
ShEquity CEO Pauline Koelbl urges Ghanaian businesses to tap into global carbon market opportunities
41 minutes -
Pressure mounts on Bogoso-Prestea Mine Divisional Chiefs to withdraw petition seeking to replace Heath Goldfields
53 minutes -
NAIMOS commends journalists Erastus Asare Donkor and Charles Egyir for their roles in galamsey fight
56 minutes -
New surgical theatre inaugurated at Madina Polyclinic to boost surgical and obstetric care
1 hour -
“When I meet Shatta Wale, I’ll ask what motivates him and how to produce 50 more like him” — Adutwum
1 hour -
Legal education reform bill could weaken professional standards—Former GSL Director
2 hours -
TaTU finally gets their win at Honda Football Championship 2026
2 hours
