In compliance with its statutory obligation as a state enterprise, the Ghana Grid Company LTD. (GRIDCo), on Wednesday, 11th December 2024, successfully held its 11th Annual General Meeting (AGM) at the Accra City Hotel.
The event brought together the Company’s esteemed Board Members, Management, the Minister for Public Enterprises, Hon. Joseph Cudjoe (MP), the States Interest and Governance Authority (SIGA), representing the shareholder who, is the Government of Ghana, as well as representatives from Ministries of Finance and Energy. Also participating in the AGM were utility stakeholders like PURC, clients and Staff Group Leadership for the SSA and Divisional Union.
The programme provided the platform to report on the Company’s performance for the year ended 2022/2023 as laid out in the Annual Reports and outline GRIDCo’s strategic plans.
The AGM commenced with remarks from the Company’s Board Chairman, Amb. Kabral Blay-Amihere, who welcomed guests and expressed gratitude for their continued support. The Chairman highlighted the Company’s commitment to transparency, accountability, and good governance, emphasising the importance of these values in driving business success. Reflecting on the Company’s strategic priorities, the Chairman indicated that, the 11th AGM signifies years of progress and a reaffirmation of the Company’s mission to lead within the energy sector with innovation, sustainability, and integrity.
Presenting the Board Chairman’s Report for 2022/2023, Amb. Amihere touched on key areas, such as financial performance, strategic partnerships and stakeholder engagement, appointment of new directors, gender policy among others. He however acknowledged the that, the Company’s operations have been impacted by financial challenges, but due to Management’s efforts in tackling these business issues, GRIDCo continues to meet its mandate of providing reliable power transmission and drive growth.
Ensuring GRIDCo remains a going concern is key to ensuring its sustainability for the future. In that regard, the CEO, Ing. Ebenezer Kofi Essienyi, in his AGM address, highlighted the Company’s key operational and financial achievements in the fiscal year. Additionally, he shared insights into significant Human Resource initiatives such as, the introduction of the ERP system launched in 2021, an upscale in Cyber Security and Data Protection Awareness Training, the Reward Management System and Competency Framework covering all staff at all levels of the organisation whiles aiming for improved productivity.
On the subject of financial performance, the Chief Executive explained that GRIDCo experienced revenue growth increase in 2023 driven by tariff adjustments and increased energy demand in the years under review.
He again elaborated on matters of the Ghana Wholesale Electricity Market (GWEM), Safety, Right of Way (RoW) protection among other initiatives. The Chief Executive similarly acknowledged the collaborative efforts of employees, shareholders, and partners, expressing optimism about the Company’s long-term growth prospects.
In addition, representatives from key government Ministries also delivered remarks providing valuable insight and perspectives. These included Hon. Joseph Cudjoe, Hon. Minister of Public Enterprises; Madam Elizabeth Nancy Ameyaw of the Ministry of Finance; Madam Wilhelmina Asamoah, Chief Director of the Ministry of Energy and Mr. Stephen Asiedu of SIGA. All applauded GRIDCo for its vital contribution to the country’s energy sector and excellently delivering on their mandate of providing reliable grid. Moreso, the challenges of delayed payments, outstanding dept and increasing energy demand continue to threaten the operations of the Company, Hon. Joseph Cudjoe reiterated.
The report from auditors on financial statement for the year 2022/2023 were presented by the Company’s external auditors, who provided a detailed analysis of GRIDCo’s financial performance. Key highlights included revenue growth, profitability, compliance and transparency.
In his closing remarks, the Board Chairman lauded Board Members, Management staff, shareholders, government representatives, and other interest groups for their collaborative support and trust in GRIDCo. Amb. He reiterated the Company’s dedication to excellence, innovation, and sustainable growth, emphasising the importance of collective effort in achieving its goals.
The 11th AGM provided a platform for productive discussions and reinforced GRIDCo’s commitment to maintaining its leadership position in the energy sector. With a clear vision and robust strategy, the Company is well-positioned to navigate challenges and capitalise on emerging opportunities in the energy landscape.
