Government’s economic management team is holding talks with the Electricity Company of Ghana (ECG) on how to bail the debt-ridden company from its financial problems including the payment of a 400 billion-Cedi debt it owes the Volta River Authority (VRA). The acting Director of Power at the Energy Ministry, Gabriel Quain told JOYFM that the ECG had notified the Ministry of its indebtedness to the VRA.
The Ministry is therefore in the process of helping the company to pay up its debt. He also noted that the Ministry is soliciting donor funding for the company’s pre-paid metering system, which is within the range of $80 million over a period of five years.
At a recent press conference, the Chief Executive of the VRA, Dr Charles Wereko Brobbey announced VRA’S new terms of business with the ECG due to its indebtedness to the authority. Under the terms, the ECG will purchase power from VRA on a pre-paid basis from 1st of October, this year, contrary to the previous terms of purchasing power on credit basis.
Source: GhanaWeb
