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Business News of Monday, 19 June 2017

Source: classfmonline.com

Settle energy sector debt - Jantuah

To ensure efficient and reliable power supply in the near future, debts owed by the Volta River Authority (VRA) must be settled immediately, the Vice Chairman of the Public Interest and Accountability Committee (PIAC), Kwame Jantuah, has said.

Reports have warned that troubles confronting Ghana's energy sector may deepen if the huge debts in the sector are not settled.

According to PIAC, the debt owed Ghana Gas by listed companies amounts to $144 million.

But in an interview with Class Business, Mr Jantuah was optimistic government and other stakeholders would work round the clock to address the issue.

“We need to be able to sort out the debt that is owed by VRA. We need a situation where all trade companies do not collapse, moreso VRA and GNTC, and I know that government is trying its possible best to see how we can solve this problem, but time is of essence. Right now we do not have FPSO Kwame Nkrumah so, to some degree, [there should be a law] where GNTC is concerned they will not be taking in more gas so we will be able to control things now in terms of their working capital,” he stated.

“But I’m a positive person, all is not lost. I’m sure that government is keen, the Minister of Energy is keen, the president is keen, the Vice President is keen, all the stakeholders in this conundrum of energy are keen to make sure that we do not collapse GNTC because of debt and we do not collapse VRA because of debt and we do not collapse GNPC.”