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Business News of Friday, 9 November 2018

Source: Michael Creg Afful

GRIDCo to render consultancy services to utilities in the sub-region

The Board Chairman of the Ghana Grid Company (GRIDCo), Ambassador Kabral Blay-Amihere, has announced plans by the power transmission company to provide grid consulting services to utility companies in the West African sub-region as part of its external relations.

According to him, GRIDCo is also reinforcing its position as a leader in the West African Power Pool (WAPP) as far as power transmission is concerned.

Addressing stakeholders at the 9th Annual General Meeting in Accra on Thursday, November 7, 2018, he assured that, GRIDCo will continue to focus on adopting strategies to maintain a robust Transmission System with ample reserves to meet the increasing demand for electricity nationwide for socio-economic development in Ghana.

Ambassador Blay-Amihere stressed on the commitment of the Board to guide the company in making steady investment into the National Interconnected Transmission System (NITS), to ensure reliable electricity supply.

"We are also optimistic about Shareholder's support for the company with the needed financial assistance in the current financial year, to nurture the pursuit and implementation of the crucial strategies needed for optimal achievement of GRIDCo's vision and mission," he added.

Touching on the GRIDCo's Telecommunication Business Unit, GRIDTel, which had been operationalized since 2017 after obtaining license from NCA to build and operate a National Terrestrial Fibre Network, he said, GRIDTel is poised to collaborate with stakeholders in the industry to bridge the digital divide in Ghana.

On his part, the Chief Executive Officer of GRIDCo, Jonathan Amoah-Baah, noted that the decision by Association of Ghana Industries to adjudge GRIDCo as the Energy Company of the Year in 2017, was a reflection GRIDCo's adherence to operational best practices, resilience and an acknowledgment of its efforts at being a Model Electricity Grid Company.

He said GRIDCo will in 2018 invest in Research and Development (R&D), as well as augment the use of the technology in its operations, purposely to promote efficiency and ensure sustainability, adding that the company will also identify and implement cost efficient processes, including the institution of project evaluation techniques and the monitoring of firm adherence to budgetary provisions.

"GRIDCo recorded a total revenue of GHC715.2 million, representing a 6.14% increase on revenue accrued in 2016, which is GHC673.835 million. Despite this, the company had various financial limitations that affected its performed during the year. These included non-payment from its key customers and the inclusion of interest cost of loans contracted for the West Africa Power Pool (WAPP) assets previously in the books of the Volta River Authority (VRA). These and other limited resulted in the Net Loss of GHC31.00m in 2017," he said.