Management of the Ghana Gas Company has revealed the Volta River Authority (VRA) owes the company 735 million dollars which was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants.
Addressing the media on Monday, the Ghana Gas Head of Finance, Emmanuel Essel said this development is affecting the company’s financial status.
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“Taking such a step may plunge the country into a power crisis, causing serious challenge to homes and industry. The government has shown commitment to reducing the debt from over 900 million dollars to 735 million dollars.”
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Mr. Essel explained that a monthly payment of over 3 million dollars which was required from VRA ceased in October 2018 and has affected the cash flow of Ghana Gas since VRA was unable to meet its obligations.