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VRA Debt Debtors of Ghana Gas need to pay - CEO

The Chief Executive of Ghana National Gas Company (GNGC) Dr. K.B Asante explained that they have several challenges because those who lift gas from them do not pay regularly.

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The Chief Executive of Ghana National Gas Company (GNGC) has said that the firm needs a clean balance sheet in order to achieve their core objectives.

Dr. K.B Asante explained that they have several challenges because those who lift gas from them do not pay regularly.

He told Accra-based Starr FM that the Company will do better if they are able to recover all debts.

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“The collection of money should be right on and I think that is what the Ministry is trying to do.  Ghana Gas is on its feet but it could be firmer if all debt is paid. Those who take gas from us do not pay regularly.  We are asking for a clean balance sheet. That is what we are asking for. VRA has given us a paltry amount of what we are owed; We’ve been told that we will be given the second chunk of the money. The government has promised us that. We are grateful to the Ministry of Finance for addressing the debt issue.”

His comments come after a report from the Public Interest and Accountability Committee (PIAC) revealed that the Volta River Authority owes Ghana Gas in excess of $800 million.

According to PIAC, VRA’s debt to Ghana Gas stood at $750 million as of the end of 2017.

READ ALSO: Ghana loses $6bn through gold export - ACEP

PIAC in its report argued that the increasing indebtedness of VRA to GNGC poses dire consequences for the nation.

Also, its Annual Report on the Management of Petroleum Revenues for 2017, disclosed that from the inception of gas production to the end of December 2017, GNPC has supplied 78.1 billion Standard Cubic of Gas (78,130.07 million) (MMScf) of raw gas to GNGC.

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