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Tullow MD urges swift end to VRA thermal asset sale

vra 2

Energy sector players want government to expedite processes in the decoupling of thermal assets management from the Volta River Authority (VRA). They argue that a further delay of the process will hamper efforts to reform the energy sector for efficiency. Deliberations are underway with relevant stakeholders over plans to limit VRA’s mandate to the management of hydro plants by selling ...

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Energy bond: Ghana Gas upbeat about repayment


Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period has also made it difficult ...

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William Amuna exits as GRIDCo CEO

william amuna

The CEO of the Ghana Grid Company (GRIDCo), Ing. William Amuna has stepped down as the boss of the power generation company. It follows the expiration of his four year term as the head of the institution. Engineer William Amuna assumed the mandate in September 2013. Prior to his appointment as Chief Executive, Ing. William Amuna worked in Volta River ...

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Govt hastens to clear $ 2.4bn energy debt


Government should by the end of this month commence the repayment of all debts owed in the energy sector and improve operations in the sector. This will follow the successful issue of the 15 year energy bond to raise 10 billion cedis from its investors. The Finance Minister, Ken Ofori Atta who disclosed this to Citi Business News stated that ...

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Opposition to VRA assets sale intensifies


The Institute for Energy Security (IES) has challenged government to provide evidence backing its claim that the Volta River Authority (VRA) is inefficient. This comes after the President disclosed in parliament in February 2017 the possibility of listing VRA and Ghana Grid Company (GRIDCO) on the Stock Exchange. Subsequently, the Minister of Finance has also indicated a restructuring of the ...

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VRA staff risk layoff over assets sale


Energy sector analysts have raised labour security concerns with the government’s decision to sell off some thermal assets of the Volta River Authority (VRA). They argue that the move may spark protests if unmanaged properly. Government, through the Finance Ministry is seeking to sell majority stake in the thermal assets of VRA. Deputy Finance Minister, Kwaku Kwarteng explained that the ...

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Banks’ NPLs hit 8 billion cedis – BoG report

debt npl

The Non-Performing Loans (NPLs) of commercial banks in Ghana has reached GH¢7.96 billion as at June 2017. The figure went up from the GH¢6.09 billion recorded in the same period in 2016. The latest Banking Stability report by the Bank of Ghana shows that the NPL ratio has also gone up to 21.2 percent from the 18.8 percent recorded in ...

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More banks risk collapse over high power cost – Economist

Dr. Charles Ackah

Ghana’s financial sector should brace itself for more banks collapse should the high cost of power continue unresolved. This is the assertion of Economist, Dr. Charles Ackah. Dr. Ackah who is also a Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER) argues that the high cost of power in Ghana has increased the cost of ...

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Gov’t woos foreign investors for its $ 2.4 bn energy sector bond


Foreign investors have shown interest to buy government’s 2.4 billion dollar energy sector bond. Citi Business News understands this is the response following an international road show by the transaction managers for the energy sector bond. The Deputy Energy Minister in charge of Finance, Joseph Cudjoe who disclosed this to Citi Business News explained that the move is expected to ...

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Cleaning Ghana’s power sector : AfDB pledges support                                                                              

Akinwumi Adesina AfDB

President of the African Development Bank, Mr. Akinwumi Adesina has pledged of his outfit’s commitment to provide government with significant support to clear its energy sector debt. He argues that the perennial challenges that have confronted the country’s power sector require robust measures to address them permanently. Mr. Adesina made the remarks when he paid a courtesy call on the ...

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