Views: 196 29/11/19, Thursday The Ghana Grid Company Limited has held its Annual General meeting in Accra yesterday (28/11/19). In his keynote address...
In his keynote address on the occasion, the Minister for Energy, Hon. Peter Amewu recommended GRIDCo for sailing through with their current financial challenges.
He particular reference to company’s completion of the 225KV Bolgatanga-Ougadougou interconnection transmission project which has significantly increased power exportation to Burkina Faso.
The energy Minister assured the members and the management of GRIDCo’s inclusion in the sharing of the Energy Sector Levy Act (ESLA) fund.
“Cash Waterfall Mechanism is been developed, as part of Energy Sector Financial Restructuring Programme to ensure equitable allocation of revenue collection.”
The Director-General, State Interest and Governance, Stephen Asamoah Boateng said the enactment of the State Interest and Government Authority, (SIGA) (ACT 990) has entrusted all Government of Ghana Interest and Entities (OSEs)to SIGA.
He said SIGA has become the representative of Government of Ghana in affairs of GRIDCo.
“The Government is aware of the financial challenges of the company. It is therefore making tireless efforts to address the issue.
In 2018, the Government of Ghana converted Six hundred and Fifty-Nine Million, Nine Hundred and Firty-Eight Ghana Cedis,Ninety Pessewa (659,948,038.90) of outstanding loans of the Company into equity. These were loans of the transmission related projects.” He added.