The Management of Ghana Water Company Ltd ( GWCL), Eastern Region has commenced massive disconnection exercise against customers who have not paid water bills for more than two months.
In a statement by the Public Relations Officer of GWCL, Eastern region, Kojo Daase stated that the company “wishes to inform it’s valued customers that there’s an ongoing massive disconnection exercise to retrieve arrears owed the Company for more than two months”.
The water distributing company added “those who have been disconnected and have decided not to pay up should expect a legal action soon”.
Some customers are already before court for nonpayment of arrears after months of disconnection.
Ghana Water Company Limited made a loss of GH¢1,885,166,215 in 2019 compared with a profit of GH¢35,766,522 recorded in 2018.
This represented a decrease of 5,370.76% in the company’s financial performance.
Also, total income for the year amounted to GH¢925,816,620 as against GH¢934,027,490 recorded in 2018, a drop of 0.9% over 201he decrease was mainly due to a fall in revenue from GH¢914,660,494 in 2018 to GH¢901,957,013 in 2019, representing 1.4%.
Total expenditure, however, increased by 120.5% from GH¢1,576,595,352 in 2018 to GH¢3,475,550,806 in 2019.
The general administration and other costs rose by 544.1% from GH¢342,715,084 in 2018 to GH¢2,207,528,665 in 2019.
Meanwhile, the company’s non-current assets decreased by 5% from GH¢12,509,361,655 to GH¢11,878,889,710 in 2019.The decline was mainly due to the depreciation charged for the year.
GWCL’s current assets also dropped significantly by 33.9% from GH¢1,125,926,385 in 2018 to GH¢743,571,859 in 2019.
The variation was a result of a decrease in mainly account receivables, which dropped from GH¢926,631,311 in 2018 to GH¢540,784,041 in 2019, representing 41.6%.
Current liabilities, on the other hand, went up by 22.8% from an amount of GH¢1,259,471,699 in 2018 to GH¢1,547,167,843 in 2019.
The increase was due, mainly, to a 329.8% rise in current portions of long-term loans.
Source:Mybrytfmonline.com/Obed Ansah
