Several strategic initiatives were taken to meet the challenges with some having almost immediate rewarding results, while others are expected to come to fruition in the near future.
The implementation of “The Turnaround Plan” was responsible for a reduction of Non Revenue Water as the number of metered consumers expanded, a number of service connections were upgraded and the customer database was regularized. Problems with the billing system and the accounting software were also resolved. The outcome was that billings increased and revenue from G$2,821M in 2007 to G$5,272M in 2008, an 87% increase. Inspite of these results the company ended up in the red owing to several factors, including escalated costs.
Consistent with the "Turnaround Plan", a capital investment programme was pursued which resulted in improvement in water supply to a number of communities across the length and breadth of the country. A capital investment programme is planned for the improvement of the sewerage system in the Georgetown municipality. The report gives details of the achievements. The company has been acquiring information technology and supporting the training of employees as a means of enhancing productivity. The net assets for the company at the end of the reporting period stood at a value of G$21,7678B compared to G$19,633B in the previous year.
Good governance, corporate responsibility, transparency and fairness that have helped to repair the image of the corporation must be maintained for continued improvement in the fortunes of the company. There is still much work to be done to take the corporation to an acceptable level of performance.
On behalf of the Board, I should like to extend thanks to everyone who contributed to the achievements of the GWI in 2008. I would also like to acknowledge the commitment of the Board, Management and Staff who have contributed greatly to a successful year through a critical thinking and assiduity they brought to the company. Our gratitude goes out to the many contractors and our loyal customers, the Government and the donor community without whose support our tasks would have been that more daunting. We look forward to working together with you for the good of all in the years ahead.
Dr. Cyril Solomon
Chairman, Board of Directors