• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

VRA debt owed Ghana Gas exceeds $700 million

19/02/2019
Reading Time: 2 mins read
VRA_owns_Ghana_gas
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars.

The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants.The development according to Ghana Gas is affecting its financial status.

Speaking at a press conference, the Head of Finance at Ghana Gas, Emmanuel Essel said the company does not intend to halt supply to VRA even though some industry players have suggested so.

He argued that taking such a step may plunge the country into a power crisis, causing a serious challenge to homes and industry.

“We don’t think we will cut supply to VRA,” he said adding that government has shown commitment in reducing the debt from over 900 million dollars to 735 million dollars.

Mr. Essel explained that the VRA was required to make a monthly payment of over 3 million dollars. Payment however ceased in October 2018 and the development has affected the cash flow of Ghana Gas.

Ghana Gas

Ghana Gas is a mid-stream gas business company which was formed in July 2011 with the responsibility to build, own and operate infrastructure required for the gathering, processing, transporting and marketing of natural gas resources in the country.
The company is expected to accelerate the nation’s effort at rapid industrialization by providing cost competitive natural gas and gas based products for domestic markets including the development of petrochemical industries, fertilizer and power generation, as well as export markets.

The company’s core mandate is to process, transport, market and sell natural gas and Natural Gas Liquids (NGLs) produced in Ghana.

The company is expected to operate on a business model which will primarily obtain revenue through processing, transportation, the sale of Natural Gas and NGLs. But debt owed it is creating serious challenges for its smooth operation.

ghanatalksbusiness

Previous Post

3 major economic implications as INEC postpones Nigeria’s 2019 general elections

Next Post

Qatar Airways to recruit Ghanaian employees this February

Related Posts

MostBet Registration Bangladesh

29/12/2023

28/12/2023

Праздничные подарки от 1 win насладитесь Новым Годом с дополнительными выгодами!

22/12/2023

How does the sizing of sp5der clothing run

22/12/2023

Azərbaycanda rəsmi sayt

20/12/2023

Mostbet Casino Azərbaycan üçün imkanlarını təqdim edir

20/12/2023
Next Post
qatar_airways

Qatar Airways to recruit Ghanaian employees this February

burundi_new_presidential_palace

China hands over $22 million presidential palace gift to Burundi

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In