President of the African Development Bank, Mr. Akinwumi Adesina has pledged of his outfit’s commitment to provide government with significant support to clear its energy sector debt.<\/p>\n
He argues that the perennial challenges that have confronted the country’s power sector require robust measures to address them permanently.<\/p>\n
Mr. Adesina made the remarks when he paid a courtesy call on the President to deepen the bilateral relationship between the AfDB and Ghana.<\/p>\n
\u201cWe have agreed to provide significant support to the energy sector. Ghana has a particular term which has entered the dictionary today called the \u201cDumsor\u201d which is about power outages. There is no way that Africa can develop without power. An economy without power really cannot go far,\u201d he said.<\/p>\n
He adds that the bank is willing to help improve liquidity profile of the energy companies facing severe damage issues in Ghana.<\/p>\n
\u201cI assure the president that the African Development Bank will play a big role with how to reschedule some of those loans and also how to help them in improving the liquidity profile of the energy companies that we have here thus, the ECG and the Volta River Authority\u201d Mr. Adesina added.<\/p>\n
Already some financial institutions in the country have indicated of their readiness to buy into the energy sector bond yet to be released by government later this year after\u00a0Dr. Bawumia announced plans to issue a 15-year bond to clear the 2.4 billion dollars debts.<\/p>\n
Mr. Akinwumi Adesina who promised to help the country\u2019s energy sector back on its feet also acknowledged the President\u2019s efforts in cleaning up the country\u2019s debt.<\/p>\n
\u201cI want to salute the efforts of the government of Ghana in trying to clean up a lot of the debts that are actually in that particular sector.\u201d<\/p>\n
Available documents to\u00a0Citi Business News<\/strong>\u00a0state that as at the end of 2016, \u00a0the net debt to banks and fuel suppliers amounted to 1.3 billion dollars.<\/p>\n A further breakdown also showed that the banks are owed 782 million dollars, while fuel suppliers are owed 440 million dollars.<\/p>\n State owned power producer, the Volta River Authority (VRA) owed the banks to the tune of 782 million dollars.<\/p>\n VRA also contributed 278 million dollars to the 440 million dollars owed fuel suppliers, while TOR contributed 162 million dollars.<\/p>\n –<\/p>\n By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" President of the African Development Bank, Mr. Akinwumi Adesina has pledged of his outfit’s commitment to provide government with significant support to clear its energy sector debt. He argues that the perennial challenges that have confronted the country’s power sector require robust measures to address them permanently. Mr. Adesina made the remarks when he paid […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,170,11],"tags":[],"yoast_head":"\n