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Gov’t to clear energy sector debt by March 2018

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President Akufo Addo has disclosed that government should issue the remainder of the energy bond by the end of the first quarter of 2018.

He believes the development should strengthen the financial sector and develop industry sector.

The President made the remarks at the maiden Ghana Expatriate Business Awards (GEBA) held on Monday, December 4, 2017.

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Recounting the impact of the power crisis on industries operations over the last three to four years, the President stressed efforts put in place to stem the situation for at least the past one year.

In his view, the energy bond has been a strategic plan to address one major issue facing the sector.

In November this year, the Energy Sector Levy Act (ESLA) raised about 4.7 billion cedis out of a planned 6 billion cedis to settle part of the debt.

Nana Akufo Addo is hopeful of raising the over 5 billion cedis remainder, by the end of March.

“This has strengthened the liquidity of the banks and freed the energy sector for fresh investors to reduce the cost of energy. The 4.7 billion cedis has been successfully issued to this end with the remainder of 5.3 billion cedis expected to be settled by the end of the first quarter of 2018,” he emphasized.

The President also announced the establishment of a commission with the mandate to stop dumping of goods to protect Ghanaian products from undue competition.

“The Board will work to ensure among other things that the country institutes strict countervening and anti-dumping measures to protect foreign investments. It is vital that the commission acts with the necessary purpose and vigour and then liaises closely with the GRA to ensure a level playing field for domestic business,” he stated.

In all, 27 companies were awarded for their contribution to Ghana’s economy.

Zenith Bank and Standard Chartered Bank emerged winners for the best expatriate businesses in banking and finance.

Airtel-Tigo picked the award for ICT, with Nexans Kabelmetal picking the best expatriate business in the electricals and electronics category.

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Other award winners included; Coral Paint for chemical, Nestle, Japan motors as well as Printex for food and beverages, automobile and textile and garments respectively.

This is  aimed at rewarding expatriates and naturalized expatriates for their immense contribution to the economic development of Ghana.

It is a collaboration between the Ministry of Trade and Industry and the Millennium Excellence Foundation (MEF).

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Ghana Business News