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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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    Ho Node Hub rebrands as Node Eight

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

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Listing VRA & GRIDCO: Analysts urge due diligence

bycitibusinessnews
February 22, 2017
in Banking And Finance, Government, Local Economy, Oil And Gas, Top Stories
Dr. Steve Manteaw - Chairman, PIAC

Dr. Steve Manteaw - Chairman, PIAC

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Some analysts in the energy sector have cautioned of long term costs to government should it rush through the process to list the Volta River Authority (VRA) and the Ghana Grid Company Limited (GRIDCO) on the Ghana Stock Exchange (GSE).

Though they contend of the benefits in restructuring the operations of the institutions, the analysts fear of a potential dip of the policy should government fail to undertake due diligence.

“This is the way to solve the inefficiencies in the country’s energy sector. We should not rush into it; there is a lot that has to be done which is why we need to undertake some market intelligence and even the timing must be taken into consideration and that is very important if you want to generate a lot of market interest,” the Co-Chair of the Ghana Extractive Industries Transparency Initiative (GHEITI), Dr. Steve Manteaw told Citi Business News in an interview.

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President Akufo Addo, in his State of the Nation address on Tuesday, disclosed that listing the VRA and GRIDCO on the domestic bourse formed part of a master electricity plan being developed by the government.

The move when successful will also solve the funding challenges facing the power companies.

Currently, the debt owed institutions in the energy sector is estimated at 4.4 billion cedis.

The development has also had a toll on performance of the financial sector as most banks have lent to the state power institution the VRA.

Dr. Steve Manteaw further commended the policy citing its impact in promoting efficiency on the power sector.

“The decision is good because it helps to raise the needed capital for improved operations, improve accountability as shareholders will have a stake in deciding the requisite management to ensure efficiency.”

In a related development, the Co-Chair of GHEITI has commended government for revising all power agreements by the NDC government.

He has however urged circumspection in order to avert possible judgement debts to be incurred on contracts that would be cancelled in the process.

“We’ve come to a point where we need to rationalize all these agreements that we have signed and see whether they’re really useful to our current circumstances,”

“We need to be mindful of the consequences especially with ending some of the agreements so that we do not earn judgement debts considering the current economic situation,” Dr. Manteaw asserted.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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