[ 2021-02-19 ]

GBC's GH¢25m electricity debt ring-fenced - Oppong Nkrumah
The Minister-designate for Information, Kojo
Oppong Nkrumah has stated that a GH¢25 million
debt owed to the Electricity Company of Ghana
(ECG) by the Ghana Broadcasting Corporation (GBC)
has been ring-fenced as part of efforts to manage
the significant financial challenges confronting
the national broadcaster.
Taking his turn before the Appointments Committee
of Parliament today, Mr Oppong Nkrumah said the
President Akufo-Addo administration was exploring
ways to service the debt which was inherited from
the previous administration.



What is ring-fencing?
In business and finance, ring-fencing occurs when
a portion of a company's assets or profits are
financially separated without necessarily being
operated as a separate entity.

"They still have significant finance challenges I
must say, in terms of outstanding electricity
bills and old debts that are hanging around them,"
Mr Oppong Nkrumah said.

"Well, we inherited an electricity debt of about
25million cedis which has been ring-fenced..."

He explained that the debt has been ring-fenced
because part of GBC's transmission infrastructure
which contributed to the rising debt is no longer
in use.



He said the analogue equipment had been set aside
because of the on-boarding of the Digital
Terrestrial Television (DTT) platform.

Investments

He also stated that the GBC has also established
two new digital television channels and one radio
station based in Yendi as well as acquired some
new equipment through JICA.


The channels established by GBC are the Ghana
Learning Television, Garden City Television and
Naya Radio which was commissioned in November last
year.

Prez Akufo-Addo's directive



It will be recalled that in November 2019 at the
prompting of the Chairman of the National Media
Commission (NMC), Mr Yaw Boadu-Ayeboafoh,
President Akufo-Addo directed the Ministry of
Information to bring an amicable resolution to the
issue.

He asked Mr Oppong Nkrumah to see how best to deal
with the payment of the huge electricity bill of
the GBC.

Source - Graphic Online

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