VRA’s debt to Ghana Gas jumps to $534.2m

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vraTHE indebtedness of Volta River Authority (VRA) to the Ghana National Gas Company (Ghana Gas) has jumped to $534.2 million as of May 31, 2017.

The amount represents quantity of natural gas that the Atuabo Gas Plant supplied to VRA for electricity generation.
VRA complains that its inability to settle its debt to Ghana Gas is as a result of Electricity Company of Ghana’s (ECG) failure to pay huge debts owed VRA.
On the other hand, ECG also blames its failure to settle debts to VRA on failure of post-paid consumers to pay for electricity consumed.
Corporate Communications Manager of Ghana Gas, Ernest Kofi Owusu-Bempah Bonsu, said the government is working assiduously to resolve cyclical debt issues in the energy sector to make it more financially solvent.
“As a way of resolving these debt issues, the government is creating a holding fund for all receivables in the power generation sector,” he said.
“Ghana Gas, like any other entity, acknowledges that it owes some of its partners in the energy sector, but the figures being churned out are inaccurate,” he added.
According to him, Ghana owes Ghana National Petroleum Corporation (GNPC) $162.5 million as of 31 May, this year.
He described as “incorrect”, claims by Public Interest and Accountability Committee (PIAC) that VRA owed Ghana Gas $434 million, saying the correct figure is $534.2 million as of May 31, 2017.
Ghana Gas, on its part, owes GNPC an amount of $162.5million as of 31 May this year.
He denied reports that it cannot account for $47.4million of revenue from sales of raw gas to GNPC as alleged by PIAC.
He indicated that Ghana Gas is collaborating with its partners and stakeholders in the sector to create a harmonious working relationship that has the potential to resolve challenges confronting the sector.

ABOUT: Nana Kwesi Coomson

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A Freelance Journalist, Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A contributory writer for Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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