Government has announced plans to issue a 15 year bond to settle all outstanding debts in the energy sector. The move is also aimed at improving the financial strength of the State Owned Enterprises (SoEs) in the energy sector and make them competitive. Vice President Dr. Mahamudu Bawumia disclosed this when he addressed a session … Read more
Deputy Minority Leader, James Klutse Avedzie, has said that government’s decision to reduce aspects of the Energy Sector Levies will further delay the payment of the web of debt that entangles the energy sector. While the National Electrification Scheme Levy (NESL) goes down from 5% to 2%, the Public Lighting Levy (PLL) reduces from 5% … Read more
Government’s decision to restructure Volta River Authority’s (VRA) debts has been well received by banks in the country which are hoping such arrangements will be made for other State-Owned Enterprises whose indebtedness have suffocated the operations of the financial institutions, the Bank of Ghana has said. Additionally, banks are also craving for similar restructuring arrangement … Read more
Government’s efforts to address the debt position of four key state-owned enterprises in the energy sector has left the International Monetary Fund (IMF) flummoxed as to how the debt restructuring strategy will absolve the companies from plunging themselves in future debts. The borrowings of the four firms- VRA, ECG, GRIDCo and TOR- hit GH¢19 billion … Read more
The Ghana Association of Bankers (GAB) says the ongoing restructuring of Volta River Authority (VRA) legacy debts on the books of some local banks is on course. The process would show a reduction of Non-Performing Loans (NPLs) by the end of the year. The GAB noted that the first quarter payment, after the initial deposit … Read more