Tag: vra
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Banks to be repaid from $ 2.4bn energy bond by end of August
Banks that are exposed to the energy sector debt should be receiving their due from the proceeds of the bond by the middle of this month [August]. It will follow the issuance of the 15 year energy bond to clear the 2.4 billion dollar debt, barring any last minute changes. According to the Managing Director of…
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Solving power challenges: Yantei Jereh begins works on gas pipeline
Government has announced the construction of an onshore natural gas transmission pipeline from Takoradi in the Western region to Tema in the Greater Accra region to transmit natural gas to power generation plants. It follows the signing of a Project Implementation Agreement (PIA) for the Aboadze-Tema Natural Gas Transportation Pipeline and gas infrastructure Project. The…
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PIAC demands swift clearance of $ 2.4bn energy sector debts
The Public Interest and Accountability Committee (PIAC) has warned that the troubles confronting Ghana’s energy sector may deepen soon if the huge debts in the sector are not settled. PIAC argues that the debt owed particularly by the Volta River Authority (VRA), greatly affected operations for 2016 considering the declining global oil prices. In the…
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Government’s debt to ECG hits 1.6 billion cedis
Government’s total indebtedness to the Electricity Company of Ghana (ECG) has hit GH¢1,599,800,195 as at March 2017. The figure increased from the GH¢1,390,966,034 recorded as at December 2016. This also represents a 15 percent increase in the government’s debts owed the power distributor between 2016 and March this year. Government subsidy to some electricity consumers…
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Akosombo residents demonstrate over ‘killer’ tariffs
Scores of residents of Akosombo in the Eastern Region have poured on to the streets, demonstrating over what they describe as killer electricity tariffs. The demonstrators, some of who joined from surrounding communities say, the problem of high tariffs started when the Electricity Company of Ghana (ECG) changed their meters. The situation, according to them,…
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WAPCo rules out pressure on gas supplies over FPSO shut down
The West African Gas pipeline Company Limited (WAPCo) has assured that the temporary shutdown of FPSO Kwame Nkrumah by Tullow will not put pressure on gas that will be required to be transported to the Volta River Authority (VRA). According to WAPCO, various measures have been put in place to avert possible debts when Tullow…
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VRA still owes gas suppliers – WAPCo
Citi Business News can confirm that Ghana is yet to settle outstanding debts owed Nigeria Gas Company and subsequently, the West African Gas Pipeline Company (WAPCo). There were recent reports that government had settled all debts owed N-Gas hence WAPCo. But WAPCo has denied receiving any payment for the debts estimated at 100 million dollars.…
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Encroachers pose no direct risk to gas supply – WAPCo
The West African Gas Pipeline Company (WAPCo) has assured of continuous flow and supply of gas despite heavy encroachment on its lands. The company has bemoaned the unregulated takeover of lands close to its pipelines especially in Tema in the Greater Accra region. According to the company, the move poses great risk to both life…
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Govt to issue 15 yr bond to clear $ 2.4bn energy debts
Government has announced plans to issue a 15 year bond to settle all outstanding debts in the energy sector. The move is also aimed at improving the financial strength of the State Owned Enterprises (SoEs) in the energy sector and make them competitive. Vice President Dr. Mahamudu Bawumia disclosed this when he addressed a session…
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VRA debt: 160 million cedis to be paid end of March
About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government…