{"id":296382,"date":"2017-02-22T10:36:08","date_gmt":"2017-02-22T10:36:08","guid":{"rendered":"http:\/\/citifmonline.com\/?p=296382"},"modified":"2017-02-22T10:36:08","modified_gmt":"2017-02-22T10:36:08","slug":"listing-gridco-on-stock-exchange-ill-advised-kwabena-donkor","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/02\/listing-gridco-on-stock-exchange-ill-advised-kwabena-donkor\/","title":{"rendered":"Listing GRIDCo on stock exchange ill-advised &#8211; Kwabena Donkor"},"content":{"rendered":"<p>The Former Minister for Power,\u00a0Dr.\u00a0Kwabena Donkor, has said government\u2019s plan to list the Ghana Grid Company Limited (GRIDCo) on the Ghana Stock Exchange would be an unnecessary\u00a0misstep for the country.<\/p>\n<p>Government is considering listing GRIDC0 on the stock exchange to make the energy sector more efficient and solve the funding challenges facing power companies, but\u00a0Dr.\u00a0Donkor insists that such a move \u201cwill be most unfortunate\u201d.<\/p>\n<p>[contextly_sidebar id=&#8221;9uMvQ4tVIDQGhQ88veqep6IEHHyCVSHl&#8221;]\u201cWhoever is advising the government will be doing the country a\u00a0disfavour,\u201d he stated on the <strong>Citi Breakfast Show<\/strong>.<\/p>\n<p>President Nana Akufo-Addo, during his maiden State of the Nation address, <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/2017\/02\/21\/vra-gridco-to-be-listed-on-the-gse-nana-addo\/\">announced that<\/a><\/strong><\/span> \u201cGRIDCo, along with the Volta River Authority (VRA), will be listed on the Ghana Stock Exchange as part of a master plan to\u00a0strengthen the power sector and open competitive bidding for power capacity procurement, thus reducing the cost of power projects and ensuring value for money.<\/p>\n<p>President Akufo- Addo added that this will also form part of government\u2019s plan to tackle the $2.4 billion debt of which he said an \u201calarming\u201d $800 million was owed to local banks.<\/p>\n<p><strong>GRIDCO profitable as it is<\/strong><\/p>\n<p>Dr.\u00a0Donkor, however, argued against the move saying GRIDCo was profitable, whilst noting that there also security implications to listing the company on the Ghana Stock Exchange.<\/p>\n<p>\u201cGRIDCo is the nerve centre of the power system. GRIDCo is the brain. GRIDCo is profitable. GRIDCo is a limited liability company owned solely by the state. If has recorded profits in the last couple of years\u00a0an\u00a0so why would you put your brain on the stock exchange,\u201d he questioned.<\/p>\n<p>Dr.\u00a0Donkor also said \u201cGRIDCo is not only a commercial entity, it is a strategic entity. In fact, in some countries and in some jurisdictions, you don\u2019t even have the grid company on GPS [or on the map] because it is considered a major security [installation],\u201d he explained.<\/p>\n<p>If the enlisting on the stock exchange is to ensure value and revenue, government can continue to rely on the energy sector levy, the former Power Minister \u00a0noted further saying, \u201cthe levies are enabling\u00a0us\u00a0to\u00a0pay\u00a0off\u00a0the debt.\u201d<\/p>\n<p>Dr. Donkor, whilst acknowledging the problem of the indebtedness, also said the figure of $4.2 billion was an overstatement given some of the money owed is within the countries power sector.<\/p>\n<p>&#8220;Some of the debts are intra-sector; ECG owing GRIDCo and therefore GRIDC0 probably\u00a0owing\u00a0some other entity, so if you do the\u00a0cross checking, it comes to about $1.2 billion,\u201d he explained.<\/p>\n<p>&#8211;<\/p>\n<p>By:\u00a0Delali\u00a0Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Former Minister for Power,\u00a0Dr.\u00a0Kwabena Donkor, has said government\u2019s plan to list the Ghana Grid Company Limited (GRIDCo) on the Ghana Stock Exchange would be an unnecessary\u00a0misstep for the country. Government is considering listing GRIDC0 on the stock exchange to make the energy sector more efficient and solve the funding challenges facing power companies, but\u00a0Dr.\u00a0Donkor [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,10,11],"tags":[332,4315,3371,4316],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Listing GRIDCo on stock exchange ill-advised - Kwabena Donkor - Citi 97.3 FM - Relevant Radio. 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