The Minority side in Parliament is alleging that the governing New Patriotic Party (NPP) is planning to raise a bond of $2.4 billion bond using the energy sector levy as collateral for a period of 15 years. A National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central constituency,l and also a member of Parliament’s … Read more
Fears of investor fright, caused by the controversy surrounding the recent US$ 2.25 billion bond, may hamper the GH¢10 billion bond that the government intends to issue next year to repay the energy sector debt. Investor fright for the bond could translate into dampened appetite for the issue, a high coupon rate or both. An … Read more
Economist, Professor Godfred Bokpin has told Citi Business News the seeming delay in the issuance of the energy bonds may be deliberate to attract more buyers. He has however urged government to expedite processes to issue the energy sector bonds and improve the financial and energy sectors. According to Professor Bokpin, the country will suffer … Read more
The Akufo-Addo government is set to issue a $2.24billion bond in the coming days to pay the huge debt burdening the country’s energy sector, Kojo Oppong Nkrumah, a deputy Information Minister has disclosed. The issuance of the bond, he said Thursday on Morning Starr, is part of efforts by government to raise money over a … Read more
The President of the Ghana Bankers Association, Mr Alhassan Andani, has called on the government to put in the right measures to address the depreciation of the local currency the cedis. He explained that until the fundamentals of Ghana’s economy were strengthened, the cedi would continue to depreciate in value against the major foreign currencies … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks … Read more
Managing Director of Stanbic Bank Alhassan Andani has emphasised government’s commitment to ensuring that the energy sector levy is paid down as scheduled. According to him, government has released funds for the advanced payments and the quarterly payments that it was supposed to have paid. “That energy sector debt is being paid down. The VRA … Read more
The Finance Minister says government would focus on improving liquidity for banks through the payment of State-Owned Enterprise (SOE) debts. Ken Ofori-Atta said government would pay debts owed banks over the short to medium-term in line with its debt sustainability framework. Presenting the 2017 maiden Budget Statement to Parliament Thursday, the Finance Minister said creating … Read more
Hon. Speaker, Honourable Members of Parliament, on the authority of President Nana Addo Dankwa Akufo-Addo, I beg to move that this Honourable House approves the Financial Policy of the Government of Ghana for the year ending 31st December 2017. On the authority of the President, and in accordance with Article 179 of the 1992 Constitution, … Read more
The Akufo-Addo government will probe the $510million cost involved in the purchase of the Ameri power plants by the erstwhile John Mahama government, Majority Leader Osei Kyei Mensah-Bonsu has said. “It is something that this nation must probe,” Mr Kyei-Mensah-Bonsu said during a debate of the president’s maiden State of the Nation address on Wednesday, … Read more
Ghana’s energy sector debt is GHS1.3billion not GHS2.4billion as announced to parliament by President Nana Akufo-Addo during his maiden State of the Nation Address, former Deputy Energy Minister John Jinapor has said. According to the Yapei legislator, a reconciliation of the entire energy sector debt between the Mahama government and the World Bank in November … Read more
Ghana’s energy sector debt is GHS1.3billion not GHS2.4billion as announced to parliament by President Nana Akufo-Addo during his maiden State of the Nation Address, former Deputy Energy Minister John Jinapor has said. According to the Yapei legislator, a reconciliation of the entire energy sector debt between the Mahama government and the World Bank in November … Read more
Vice President, Dr Mahamudu Bawumia, has said the NPP government is on track to fix the “ailing economy” it inherited from the previous NDC administration. Dr. Bawumia is optimistic that the modalities being worked on by the Akufo-Addo-led administration will transform Ghana, giving a strong indication the private sector will be the engine of growth. … Read more
Reviewing existing and pending Power Purchase Agreements (PPAs) could save Ghana from shouldering a liability of $2.5billion annually through capacity charges on excess capacity alone, power think tank Africa Centre for Energy Policy (ACEP) has said. The group has, therefore, welcomed moves by the Akufo-Addo government to review, and, if need be, cancel some of … Read more
State power transmitter Ghana Grid Company Limited (GRIDCo) must not be listed on the Ghana Stock Exchange (GSE) as planned by the Akufo-Addo government, energy think tank Africa Centre for Energy Policy (ACEP) has said. President Nana Akufo-Addo on Tuesday, 21 February said in his maiden State of the Nation Address to parliament that the … Read more
Despite assurances from President Akufo Addo to grant some tax cuts in the power sector, the Institute of Energy and Climate Change Policy (IECP) has cautioned that any attempt to review the energy sector levy downwards may cause a power crisis due to the huge debts crippling the sector. President Akufo-Addo during his maiden State … Read more