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Pay your debt by Febuary 2016-N-GAS warns Ghana

Written by  Oct 19, 2015
Ghana’s gas supplier, N-GAS has given the Volta River Authority (VRA) up to Febuary 2016 to pay off its outstanding debt of $171.5 million. The Nigerian gas company through the West African Gas Pipeline supplies gas to Ghana but the Managing Director of WAPco threatened to curtail supply of gas to the country over our indebtedness to the company. Mr. Walter Perez indicated that the debt owed them affected their operations and the supply of gas to Ghana on scheduled and therefore they had no other option than to curtail the gas supply to Ghana, but a high power delegation led by Power Minister, Kwabena Donkor went to Nigeria to meet officials over how best we will pay the debt. Government of Ghana is said to have paid an amount of $10 million out of the $ 181 million debt for gas supplied from August 2014 to this month representing about 10% of the total debt owed. This means the balance to be paid is $171.5 million. Information picked by rainbowradioonline.com indicates that government is to pay the outstanding debt of $171 million in three tranches till February 2016. It remains unclear how much we will be paying by the trenches till February 2016. The debt covers gas supplied to VRA and the cost of supply and trans­portation of the gas from Nigeria to Ghana. The government of Ghana is expected to bailout the VRA in the payment of the debt since government is the sole owner of the VRA, The Volta River Authority cannot secure any bank loan because they owe some banks to the tune of $1.3 billion. VRA received gas and pipeline-related transportation service totaling $231 million, but paid only $50 mil­lion, with an outstanding balance of $181 million, meaning the VRA now owes WAPco an amount of $103 million. -

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