BUSINESS NEWS
ECG appreciates gov’t resolve to settle debts
The Electricity Company of Ghana (ECG) has clarified its position on the assertion by the Energy Ministry that debts owed the company by the government had been paid.
This follows opposition by some members of the Minority contesting the veracity of the claim.
The Energy Minister, Peter Amewu on May 20, revealed that the government, at the end of 2019, paid all of its bills to the Electricity Company of Ghana (ECG), leaving a credit of GHc500,000.
The company, in a statement released Thursday, May 21, 2020, said explained that government “averagely paid GHc2 billion directly to ECG’s suppliers (i.e VRA, IPPs and GRIDCo) to defray GoG’s indebtedness to ECG.”
The statement signed by Managing Director Kwame Agyemang-Badu further explained that this payment as at the end of 2019 leaves a credit balance of GHc505.8 million.
“Considering the GoG’s average bill of GHc100 million a month, the outstanding GoG credit of GHS505.8 million is enough to pay its bill for January to April 2020.”
An amount of GHc4.14 billion has also being paid “directly to various fuel suppliers and power producers and is yet to be credited to GoG’s account under the ongoing reconciliation exercise.”
The ECG, however, expressed appreciation to the government “because the company’s balance sheet is now stronger than before.”
Source: goldstreetbusiness.com
-
Lifestyle3 weeks ago
Road Safety Authority narrates how buttocks causes road accident
-
GENERAL NEWS1 month ago
Why 15 police officers stormed Owusu Bempah’s church – Kumchacha narrates
-
GENERAL NEWS3 weeks ago
Watch how Ibrahim Mahama rode Honda superbike to pay last respects to late friend
-
GENERAL NEWS4 weeks ago
How Offinso residents storm destooled queen mother’s house, demand for new chief
-
South Africa News4 weeks ago
Woman thrown out of a speeding taxi while on her way to work
-
GENERAL NEWS6 days ago
Deadly clash between youth and navy personnel results in two deaths at Tema Manhean
-
SHOWBIZ KONKONSAH1 week ago
Junior Pope’s Death: Video of John Dumelo refusing to join canoe for movie shoot over safety concerns resurfaces
-
News Africa2 months ago
‘Satanically dubious’ – SCOAN releases statement on BBC’s report about TB Joshua, church