GRIDCo owes Bui Power Authority $41,010,518.71 from 2013 – Audit Report

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    The GRIDCO as gathered is indebted to the Bui Power Authority [BPA] at the sum of US$41,010,518.71 from 2013 to the time of the audit in 2019.

    Additionally, the Bui Power Authority [BPA] also is allegedly indebted to GRIDCo in the sum of GH¢5,658,577.58 but the Authority has since 2013 not disclosed this indebtedness in its accounts.

    The revelation is highlighted in the 2020 Auditor-General’s Report on the audit of statutory boards and corporations.

    The report stated that “We noted that GRIDCo is indebted to BPA to the tune of US$41,010,518.71 from 2013 to the time of the audit in 2019 and BPA allegedly indebted to GRIDCo in the sum of GH¢5,658,577.58 but the Authority has since 2013 not disclosed this indebtedness in the accounts’’.

    It said ‘We noted that monthly invoices to ECG are not settled within the required sixty (60) days resulting in a relatively huge outstanding debt of US$386,878,949.46 as of 31 December 2019’’.

    The report further stated that the Authority had failed to recognize a provision for the likely decommissioning of the Dam in the future, adding that the authority should get a written representation from the government on its commitment to fund future decommissioning of the dam should the need arise.

    However, the Management of the Bui Power Authority has been recommended to ensure that previous and subsequent debt are collected on time to improve the liquidity position of the Authority to enable it to carry out its operations effectively, as well as to also make a stringent effort to ensure early ruling on this matter by the PURC.