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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

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    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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

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Proposed energy sector reforms to punish officials for bad contracts

byDelali Adogla-Bessa
April 15, 2019
in Business, News
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A new Energy Sector Reform Document to be approved by cabinet will allow for the punishing of officials who sign bad contracts in the energy sector.

This, according to the Energy Sector Reform Committee, will help reduce debts in that sector.

Also in the document are recommendations to ensure that the energy sector debt is paid completely within a period of five years.

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The Energy sector debt which hit about $2.4billion has been one of the government’s major challenges as it trickled down to expose other sectors including the banking sector where over $800 million was owned local banks.

Although government and successive governments have defrayed part of the debt, some millions of cedis are still locked up in that sector.

Some of the debt were from the AMERI and KARPOWER deals which run into millions of dollars.

In November 2017, 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.

““All we are saying is that the rules and regulations that guide the signing of such agreements should be looked at vis-à-vis the agreement that has been signed and if anyone has flouted a rule then the laws of the nation have to be applied. That’s all we are saying. We keep it nice and simple then the details will be implemented of course by the law court and any other committees that are put together to come up with specific recommendations as to what penalties to be meted out,” the Head of Delivery Unit at the office of the Vice President, and a member on the Energy Sector Reform Committee Professor Kwaku Appiah-Adu told Citi Business News.

Also in the draft document is a proposal for the charging of realistic tariff which will ensure that enough funds are raised in the sector to pay for operations.

Currently, all contracts in the energy sector are being reviewed.

–

By: Nana Oye Ankrah | citibusinessnews.com | Ghana.

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