Government of Ghana should commence the repayment of all debts owed in the energy sector and improve operations in the sector by the end of this month.
This will follow the successful issue of the 15 year energy bond to raise 10 billion cedis from its investors.
Ken Ofori Atta, the Finance Minister, said that work has strengthened the bond launched and closed by September end.
He said, work is being done quite aggressively about it…there was a mini road demonstration in England some 3 to 4 weeks ago and we had a meeting here in Accra so the structuring is being done and the expectation is that by the end of this month, they should enable to launch the bond and hopefully close it.
Dr. Mahamudu Bawumia, the Vice President first announced the decision to issue the energy bonds in April this year at the World Bank/IMF Spring meetings in Washington DC.
He said, the move is to put the energy sector back on a strong financial footing. The debts owed the energy sector at the time, was estimated at 2.4 billion dollars or 10 million cedis.
1.2 billion dollars owed fuel suppliers and the indebtedness of the VRA to commercial banks while other entities such as Ghana Gas, GRIDCo, Asogli, NEDCo among others owed an estimated 1 billion dollars.
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