GRIDCo records GH¢41.5m net loss

The Chief Executive of Ghana Grid Company Limited (GRIDCo), Mr William Amuna, has said significant cash flow challenges in 2014 saw the company record a net loss of GH¢41.5 million.

The cash flow challenges arose mainly because of the generation deficit, cash flow challenges from some bulk customers and the country’s macro-economic indicators such as the unfavourable exchange rate.

Speaking at the company’s sixth annual general meeting, the Chief Executive said there were delays in the fulfilment of some contractual financial obligations as a result of the cash flow challenges.

Mr Amuna said despite the challenges, GRIDCo is focusing on the delivery of high quality service, by progressively creating more value for the company and ultimately for the shareholder.

He expressed pleasure that despite all the challenges, Ghana did not experience a total system collapse in 2014, due to several factors, which included the installation of effective Automatic Frequency Load Shedding relays, and efficient and well-trained operators, who seamlessly balance generation with transmission.

He said the company has also initiated the process required to obtain the Occupational Health and Safety Assessment Series Certification which was an important step in Occupational Health and Safety Assessment.

Among the major projects undertaken by GRIDCO this year, he mentioned the Smelter II substation, the Sunyani-Mim line upgrade, the Ghana-Togo-Benin interconnection, the Kpandu-Kadjebi transmission line, the 330kV Kumasi-Bolgatanga line and the 225 Bolgatanga-Ouagadougou interconnection.

Source: GNA