{"id":101787,"date":"2015-03-24T11:22:23","date_gmt":"2015-03-24T11:22:23","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=101787"},"modified":"2015-03-24T11:22:23","modified_gmt":"2015-03-24T11:22:23","slug":"banks-cut-credit-facilities-to-oil-companies","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/03\/banks-cut-credit-facilities-to-oil-companies\/","title":{"rendered":"Banks cut credit to oil companies \u00a0\u00a0\u00a0"},"content":{"rendered":"<p style=\"text-align: justify;\">Some banks in the country are reportedly withdrawing lines of credit to the Bulk Oil Distribution Companies (BDCs) following reports that the National Petroleum Authority (NPA) <span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/02\/19\/npa-settles-ghc-412-million-debt-owed-bdcs\/#sthash.indrUqVJ.dpbs\" target=\"_blank\"><strong>has fully paid arrears owed them<\/strong><\/a><\/span>.<\/p>\n<p style=\"text-align: justify;\">The National Petroleum Authority in February declared that it has settled the GH\u00a2 412 million debt owed the BDCs.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;CyBYua05yJUOvNEnBsOll24bqnw9mOzs&#8221;]But according to the BDCs, the reports have made banks hesitant to release monies to fund their petroleum imports.<\/p>\n<p style=\"text-align: justify;\">Experts say the situation could affect regular supply of petroleum products onto the Ghanaian market and subsequently lead to shortages.<\/p>\n<p style=\"text-align: justify;\">Speaking to <strong>Citi News<\/strong> the Chief Executive Officer (CEO) of the Chamber of BDCs,\u00a0Senyo Hosi said the NPA still owed his members in excess of GH\u00a22 billion.<\/p>\n<p style=\"text-align: justify;\">\u201cSometimes these communications come out because the earlier information has sent mixed reaction within the financial sector because people got a bit apprehensive and we are withdrawing funding lines so it\u2019s important that some of these things are put into proper perspective,\u201d said Hosi.<\/p>\n<p style=\"text-align: justify;\">He argued that \u201cif one BDC alone is owing a bank over GH\u00a2300 million and the NPA is saying the debt is only 400 and that 400 has not been paid, it\u2019s very simple for us to ask where the money is,\u201d adding that he expects government to come out clean on the matter in order to \u201cinject some confidence back into the industry.\u201d<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n<p><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/AlloteyGodwin\" data-show-count=\"false\">Follow @AlloteyGodwin<\/a><br \/>\n<script>\/\/ <![CDATA[\n!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=\/^http:\/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+':\/\/platform.twitter.com\/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs');\n\/\/ ]]><\/script><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>Some banks in the country are reportedly withdrawing lines of credit to the Bulk Oil Distribution Companies (BDCs) following reports that the National Petroleum Authority (NPA) has fully paid arrears owed them. The National Petroleum Authority in February declared that it has settled the GH\u00a2 412 million debt owed the BDCs. [contextly_sidebar id=&#8221;CyBYua05yJUOvNEnBsOll24bqnw9mOzs&#8221;]But according to [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":39091,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[38,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks cut credit to oil companies \u00a0\u00a0\u00a0 - Citi 97.3 FM - Relevant Radio. 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