{"id":269416,"date":"2016-11-17T17:48:41","date_gmt":"2016-11-17T17:48:41","guid":{"rendered":"http:\/\/citifmonline.com\/?p=269416"},"modified":"2016-11-17T17:48:41","modified_gmt":"2016-11-17T17:48:41","slug":"npp-to-redeem-debts-owed-bdcs","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/11\/npp-to-redeem-debts-owed-bdcs\/","title":{"rendered":"NPP to redeem debts owed BDCs"},"content":{"rendered":"
A New Patriotic Party (NPP) government under the leadership of Nana Akufo-Addo will redeem government’s obligation to the Bulk Oil Distribution Companies (BDCs) if it wins the polls in December.<\/p>\n
According to the party, this will help\u00a0support local competition among the BDCs.<\/p>\n
The NPP which captured the information in its 2016 manifesto said it will \u201csupport the growth of local competition by redeeming government obligations to the BDCs.\u201d<\/p>\n
[contextly_sidebar id=”fDUYFzga4yQY3WYFfAcT7qQmJx2PZC9u”]The promise comes on the back of huge debts the National Democratic Congress (NDC) government owes the BDCs which were\u00a0incurred as a result of under recovery from subsidies on petroleum products.<\/p>\n
Government is currently indebted to about 17 BDCs in excess of 500 million dollars.<\/p>\n
Following the delayed payments, commercial banks that hitherto gave the BDCs loans to facilitate their businesses have also refused them benefits.<\/p>\n