{"id":244723,"date":"2016-09-01T06:02:16","date_gmt":"2016-09-01T06:02:16","guid":{"rendered":"http:\/\/citifmonline.com\/?p=244723"},"modified":"2016-09-01T06:02:16","modified_gmt":"2016-09-01T06:02:16","slug":"cash-from-energy-sector-levy-hits-ghc350m-terkper","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/09\/cash-from-energy-sector-levy-hits-ghc350m-terkper\/","title":{"rendered":"Cash from energy sector levy hits GHc350M &#8211; Terkper"},"content":{"rendered":"<p>Finance Minister, Seth Terkper has disclosed that the Energy Sector Levy Account has accrued 350 million cedis as at August 2016.<\/p>\n<p>[contextly_sidebar id=&#8221;jJxaw8FDENhj41TaJXm56FEfyLZVoPUE&#8221;]He made the disclosure when he addressed the media on Wednesday, August 31<sup>st<\/sup>, 2016, on measures taken to address the legacy debts in the power sector.<\/p>\n<p>\u201cThe power generation and infrastructure levy plus the energy debt or the energy debt service accounts, we have approximately GH\u00a2350 million,\u201d he stated.<\/p>\n<p>Mr. Terkper added, \u201cWith respect to the energy debt service account which has a total of four separate accounts as we speak, is in excess of nearly GH\u00a2280 million\u2026We have the power generation and infrastructural support that\u2019s a portion of that; the 250 million is the combination of the infrastructure. Also, the price stabilization levy has so far accrued about GH\u00a2130 million approximately.\u201d<\/p>\n<p>The Energy Sector Levy Act, which was passed in December 2015, received lots of criticisms as fuel prices at the pumps went up as high as 27 percent.<\/p>\n<p>As part of generating revenue to offset some accumulated debts within the country\u2019s energy sector and make the energy companies viable, government in December 2015,\u00a0<span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citifmonline.com\/wp-content\/uploads\/2016\/01\/FAQs-Petroleum-price-build-up-and-the-new-energy-sector-levies-act1.pdf\">introduced the Energy Sector levies<\/a>\u00a0<\/strong><\/span>to place taxes on some petroleum products.<\/p>\n<p>The Energy Sector Levy saw the introduction of the energy debt recovery levy and the price stabilisation and recovery levy.<\/p>\n<p>In addition, the road fund and the energy fund were revised upwards.<\/p>\n<p>Meanwhile the TOR debt recovery levy, the cross-subsidy levy and the exploration levy were withdrawn.<\/p>\n<p>In the State of the Nation address early this year, President John Mahama <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/02\/25\/energy-law-is-a-tough-but-necessary-decision-mahama\/\" target=\"_blank\">defended<\/a><\/strong><\/span> the passage of the Energy Sector Levy Act; saying the decision was needed to protect state intuitions such as the VRA and ECG from sinking under huge debts.<\/p>\n<p><strong>Government reduces GH\u00a24.4 bn utility debt by GH\u00a2250m<\/strong><\/p>\n<p>Meanwhile the Ministry of Finance, the Bank of Ghana (BoG), and the Ghana Bankers Association have announced <span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2016\/08\/31\/govt-clears-ghs250m-out-of-ghs4-4bn-energy-debt\/\" target=\"_blank\"><strong>plans to pay the legacy debt<\/strong> <\/a><\/span>owed by government in the power sector.<\/p>\n<p>According to the Ministry of Finance, government has arranged with the Bank of Ghana to create an escrow account to transfer 250 million cedis to settle part of the debts owed to 12 banks in the country.<\/p>\n<p>This comes after government through the Ministry of Finance, negotiated the interest rate on the dollar and cedi components of the debt from 11 to 8.5 percent and 30 to 22 percent respectively.<\/p>\n<p>The banks that are owed include; Ecobank, Stanchart, Unibank, Zenith bank, GT bank, UBA, UMB, CAL bank, ACCESS bank, Stanbic bank, Fidelity bank, First Atlantic bank, Ghana International bank among others.<\/p>\n<p>&#8211;<\/p>\n<p>By: Lawrence Segbefia\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister, Seth Terkper has disclosed that the Energy Sector Levy Account has accrued 350 million cedis as at August 2016. [contextly_sidebar id=&#8221;jJxaw8FDENhj41TaJXm56FEfyLZVoPUE&#8221;]He made the disclosure when he addressed the media on Wednesday, August 31st, 2016, on measures taken to address the legacy debts in the power sector. \u201cThe power generation and infrastructure levy plus [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":209488,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,170,10,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cash from energy sector levy hits GHc350M - Terkper - Citi 97.3 FM - Relevant Radio. 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[contextly_sidebar id=&#8221;jJxaw8FDENhj41TaJXm56FEfyLZVoPUE&#8221;]He made the disclosure when he addressed the media on Wednesday, August 31st, 2016, on measures taken to address the legacy debts in the power sector. \u201cThe power generation and infrastructure levy plus [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2016\/09\/cash-from-energy-sector-levy-hits-ghc350m-terkper\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. 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