{"id":165140,"date":"2015-11-07T07:39:34","date_gmt":"2015-11-07T07:39:34","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=165140"},"modified":"2015-11-07T01:58:42","modified_gmt":"2015-11-07T01:58:42","slug":"govt-moves-to-pay-debts-owed-bdcs-vice-president-amissah-arthur","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/11\/govt-moves-to-pay-debts-owed-bdcs-vice-president-amissah-arthur\/","title":{"rendered":"Gov\u2019t moves to pay debts owed BDCs \u2013 Vice President Amissah Arthur"},"content":{"rendered":"<p style=\"text-align: justify;\">Vice President Kwesi Amissah Arthur has revealed that the government will be paying all outstanding debts owed the Bulk Oil Distribution Companies soon.<\/p>\n<p style=\"text-align: justify;\">Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi, earlier in June stated that government\u2019s debt to the BDC had increased to about GH\u00a23.4 billion.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;3iUkqmbFl6ee96Ao4J3LvG0O37bbLd00&#8243;]The development Mr. Hosi added had been a disincentive for banks to continue to offer Letters of Credit to the various Distribution Companies.<\/p>\n<figure id=\"attachment_165111\" aria-describedby=\"caption-attachment-165111\" style=\"width: 495px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/senyo-hosi.jpg\"><img loading=\"lazy\" class=\"wp-image-165111 size-full\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/senyo-hosi.jpg\" alt=\"Senyo Hosi\" width=\"495\" height=\"330\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/senyo-hosi.jpg 495w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/senyo-hosi-300x200.jpg 300w\" sizes=\"(max-width: 495px) 100vw, 495px\" \/><\/a><figcaption id=\"caption-attachment-165111\" class=\"wp-caption-text\">Senyo Hosi<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">However addressing the opening of the first Ghana International Petroleum Conference (GhIPCON) on the theme, \u201cThe changing phase of petroleum- Repositioning Industry,\u201d the Vice President who did not give details said plans are underway to pay the debts to improve operations within the petroleum sector.<\/p>\n<p style=\"text-align: justify;\">\u201cFinancial regulations require that these are provided for and the government recognizes the failure to settle the indebtedness of these have had a huge impact of the liquidity situation of many of our commercial banks.\u00a0 We are therefore making arrangements to settle, I cannot explain in details these arrangements and discussions,\u201d Mr. Amissah Arthur said.<\/p>\n<p style=\"text-align: justify;\">He added, \u201cIt is necessary that the claims are validated so that it will enable the payment to be made as soon as the validation process is verified.\u201d<\/p>\n<figure id=\"attachment_165107\" aria-describedby=\"caption-attachment-165107\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/20151106032802-1.jpg\"><img loading=\"lazy\" class=\"wp-image-165107 size-full\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/20151106032802-1.jpg\" alt=\"A panel at the conference\" width=\"600\" height=\"400\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/20151106032802-1.jpg 600w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/20151106032802-1-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><figcaption id=\"caption-attachment-165107\" class=\"wp-caption-text\">A panel at the conference<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">The Vice President in his address also cited the fragmentation of the downstream sector, unfair competition by parastatal institutions as well as lack of protection for indigenous investors within the petroleum sector as some challenges facing the petroleum sector.<\/p>\n<p style=\"text-align: justify;\">He was optimistic that efforts will be geared towards addressing them.<\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/20151106032802.jpg\"><img loading=\"lazy\" class=\"aligncenter wp-image-165108 size-full\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/11\/20151106032802.jpg\" alt=\"20151106032802\" width=\"600\" height=\"400\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/20151106032802.jpg 600w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/11\/20151106032802-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The conference was to create a platform for industry education, policy construction, review, modification and momentum for industry growth and development.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Pius Amihere Eduku\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice President Kwesi Amissah Arthur has revealed that the government will be paying all outstanding debts owed the Bulk Oil Distribution Companies soon. Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi, earlier in June stated that government\u2019s debt to the BDC had increased to about GH\u00a23.4 billion. [contextly_sidebar id=&#8221;3iUkqmbFl6ee96Ao4J3LvG0O37bbLd00&#8243;]The development Mr. Hosi [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":165109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,22,38,21,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gov\u2019t moves to pay debts owed BDCs \u2013 Vice President Amissah Arthur - Citi 97.3 FM - Relevant Radio. 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[contextly_sidebar id=&#8221;3iUkqmbFl6ee96Ao4J3LvG0O37bbLd00&#8243;]The development Mr. Hosi [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2015\/11\/govt-moves-to-pay-debts-owed-bdcs-vice-president-amissah-arthur\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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