VALCO with no electricity over $30m debt

VALCO with no electricity over $30m debt

GRIDCo disconnects power supply to VALCO over $30m debt

The Volta Aluminum Company Limited (VALCO) has had its electricity disconnected due to its over $30million outstanding power debt.

The Ghana Grid Company Limited (GRIDCo) says it was compelled to take that decision due to the failure of VALCO to settle its growing debt.

In a statement copied Monday, GRIDCo said “The decision was made by the Management of GRIDCo after several attempts to get VALCO to honour its payment obligations failed. The disconnection is part of ongoing debt collection measures to mobilize the needed funds to support its operations.”

“VALCO’s debts continue to mount and will create major problems for our operations if nothing is done about it. We have been engaging the management of VALCO since the first half of this year to agree on a payment plan but nothing has come out of it. We have been left with no option as our continued state of affairs is unsustainable. We take the opportunity to entreat other customers indebted to GRIDCo to take steps to settle their debts,” the statement continued.

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