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07 August 2017

VRA’s $500m indebtedness ‘suffocating’ Ghana Gas

The Volta River Authority (VRA’s) huge indebtedness to the Ghana National Gas (Ghana Gas) Company Limited to the tune of more than $526 million in respect of the supply of lean gas for power generation, is having adverse effect on the company’s operation.

The amount is cost for the supply of lean gas for the past two years since the company started its commercial operations.

The Director of Finance of Ghana Gas, Mr Emmanuel Essel, made the disclosure at a press soiree in Accra last Friday during which the new Chief Executive Officer of Ghana Gas, Dr Ben Asante, outlined his vision for the company.

Mr Essel however noted “but there is hope because the government is working on a bond and has rolled out this amount under the bond. If my memory serves me correctly, the portion of Ghana Gas is about half a billion dollars, which is owed by VRA.”

He was hopeful that upon the issuance of the bond, Ghana Gas would secure funds to enable discharge its operations much more effectively.

Mr Essel told the media “Apart from that, going forward, the Ministry of Energy has put in place a mechanism that is going to help all the energy sector players to be able to receive their portion of the fund, especially from what is collected by ECG such that those of us that supply the fuel will also get what is due us.”

The CEO, Dr Ben Asante in outlining his vision based on three strong pillars, stated that he remained committed to ensuring business development, personnel development and community engagement, adding that he has a carefully designed strategy to help him achieve these objectives.

Touching on business development, who noted he’ll focus more on operation and maintenance said “I want to make sure that we develop this business.

On human development, Dr Asante explained disclosed that all departmental heads had developed programmes for further training of all staff to equip them and enhance their output.

“For the community engagement, I want to tell them that at this juncture, we have to work together. We have to focus less on where we come from, and more on where we want to go together,” he emphasized.

 

 

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