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Energy Listing GRIDCO and VRA on stock market will make it more profitable - Yamoah

The Managing Director of the Ghana Stock Exchange Kofi Yamoah said the decision to list the two energy companies on the stock market is a laudable one which will ensure better revenue than they are generating now.

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The Managing Director of the Ghana Stock Exchange Kofi Yamoah has discredited claims by former Power Minister, Dr. Kwabena Donkor who said that listing the Ghana Grid Company Limited (GRIDCo) and the Volta River Authority (VRA) on the stock market will be doing the country a disfavour.

Yamoah said the decision to list the two energy companies on the stock market is a laudable one which will ensure better revenue than they are generating now.

Dr. Kwabena Donkor argued that the president’s advisers on Energy are doing this country a “disfavour."

READ ALSO: Gov’t must ensure VRA’s books are improved before going to GSE

But the GSE Boss in an interview with Accra-based Citi FM said floating shares of GRIDCO on the stock exchange, will accrue benefits to the power sectors.

“Some of the comments he made, for example, was that GRIDCO was profitable. He also alluded to the fact that GRIDCO and VRA are the brain sectors of the economy. Number three the decision is more or less ill advice. If a company is profitable and you make it publicly listed, the army of shareholders that come behind the company will make sure that is it even more efficient.”

He added that “It is even more profitable because you have put money into it not only state-owned funds…that alone puts the company on its toes to be more efficient and more profitable going forward.”

READ ALSO: 2017 budget will be business friendly - Finance minister

Delivering his maiden State of the Nation Address (SONA) last week, President Nana Akufo-Addo announced that the move will enable his administration to fix the almost five-year power crisis and clear the sector’s “heavy indebtedness.”

His administration, he said, inherited “a heavily indebted energy sector, with the net debt reaching $2.4 billion,” from his predecessor, John Mahama.

But the president’s decision has been described as “unfortunate” and “bad idea” by people with vast knowledge in the sector.

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