{"id":773792,"date":"2019-12-30T16:17:38","date_gmt":"2019-12-30T16:17:38","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/30\/gridco-switches-off-valco-over-us30-million-debt\/"},"modified":"2019-12-30T16:17:38","modified_gmt":"2019-12-30T16:17:38","slug":"gridco-switches-off-valco-over-us30-million-debt","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/30\/gridco-switches-off-valco-over-us30-million-debt\/","title":{"rendered":"GRIDCo switches off VALCO over US$30 million debt"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"402\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/12\/102100-Copy-696x402.jpg\"   alt=\"GRIDco in a statement said: \u201cThe decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed.\" title=\"GRIDco in a statement said: \u201cThe decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed.\"\/><figcaption class=\"wp-caption-text\">GRIDco in a statement said: \u201cThe decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed.&#8221;<\/figcaption><\/figure>\n<\/div>\n<p>Ghana\u2019s power transmission company, Ghana<br \/>\nGrid Company Limited (GRIDCo), has disconnected<br \/>\npower supply to the Volta Aluminum Company Limited (VALCO), following failure<br \/>\nof the company to settle over US$30million outstanding debt to the power<br \/>\ntransmitter<\/p>\n<p>GRIDco in a statement said: \u201cThe decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed. The decision to disconnect VALCO is part of ongoing debt collection measures to mobilize the needed funds to support its operations.\u201d<\/p>\n<p><strong>Below is the statement from GRIDco:<\/strong><\/p>\n<p><strong>GRIDCo<br \/>\nDisconnects Power Supply to VALCO<\/strong><\/p>\n<p><strong>Tema, 11:11GMT, 30 December, 2019<\/strong> \u2013 The Ghana Grid Company Limited (GRIDCo)<br \/>\nhas today disconnected power supply to the Volta Aluminum Company Limited<br \/>\n(VALCO), following failure of the company to settle over US$30million<br \/>\noutstanding debt to the power transmitter. <\/p>\n<p>The<br \/>\ndecision was made by the Management of GRIDCo after several attempts to get<br \/>\nVALCO to honour its payment obligations failed. The decision to disconnect<br \/>\nVALCO is part of ongoing debt collection measures to mobilize the needed funds<br \/>\nto support its operations.<\/p>\n<p>GRIDCo\u2019s<br \/>\noperations have been significantly impaired due to huge unpaid debts owed by<br \/>\nits bulk customers, currently amounting to over GH\u00a21.2billion. At its recent<br \/>\nAnnual General Meeting (AGM) in November 2019, the company announced that its<br \/>\nnetwork expansion efforts have been hampered due to the current financial<br \/>\nsituation. <\/p>\n<p><strong>Jonathan Amoako-Baah<\/strong>, Chief Executive of GRIDCo said:<\/p>\n<p>\u201cWe play a critical role in Ghana\u2019s<br \/>\npower sector and we need every resource available to us to continue delivering<br \/>\non our mandate to our key stakeholders and clients. VALCO\u2019s debts continue to<br \/>\nmount and will create major problems for our operations if nothing is done<br \/>\nabout it. We have been engaging the management of VALCO since the first half of<br \/>\nthis year to agree on a payment plan but nothing has come out of it. We have<br \/>\nbeen left with no option as our continued state of affairs is unsustainable. We<br \/>\ntake the opportunity to entreat other customers indebted to GRIDCo to take<br \/>\nsteps to settle their debts.\u201d <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>GRIDco in a statement said: \u201cThe decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed.&#8221; Ghana\u2019s power transmission company, Ghana Grid Company Limited (GRIDCo), has disconnected power supply to the Volta Aluminum Company Limited (VALCO), following failure of the company to settle over US$30million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":773793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-773792","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GRIDCo switches off VALCO over US$30 million debt - 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