The Trade Fair Centre in Accra faces an imminent collapse after the Electricity Company of Ghana (ECG) cut power to the facility for almost a year over accumulated debts.
Citi Business News understands the centre, once a thriving business hub, owes electricity bills in excess of 349,000 cedis.
The development together with other challenges are said to be hampering the fortunes of the Trade Fair Centre.
A visit by Citi Business News’ Pius Amihere Eduku to the centre also indicated that almost all the shops operating at the facility were relying on generator sets due to the absence of a plant.
A shop attendant recounted the impact of the high cost of fuel on their operations,
“It is affecting business very much … in a week we buy more than 150 cedis worth of fuel so you can imagine buying fuel for almost 600 cedis a month. How much profit are you making in a month and how much can you afford to spend on this increasing cost.” He observed.
Meanwhile the Chief Executive Officer of the Trade Fair Centre, Dr. Erasmus Ebenezer Konney has admitted among other things, the challenges the facility is facing.
But according to him, some of their issues are as a result of the failure of some of the tenants to pay their rent.”
“At the beginning of last year, we took a loan from Ideal Finance to service all outstanding debts owed ECG. But the following month, we were brought a bill of 24,000 cedis and subsequently increased to 63,000 cedis. We have since appealed to the ECG for an auditing upon suspecting that there was something wrong with our metering system.” Dr. Konney said.
He added, “We have not been able to pay the amount that is outstanding at the moment; therefore the lights are out, the current debt started accumulating from last year June till now. But I know that for electricity, we owe more than 349,000 cedis.”
In a related development, some occupants have indicated to Citi Business News of relocating their offices following earlier notices informing them to vacate the premises following a possible takeover by investors.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana