BDC Debt Start repayment of BDC debt – Bankers’ Association

The government is currently indebted to about 17 Bulk Oil Distribution Companies in excess of 500 million dollars.

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The Bankers’ Association of Ghana has renewed calls for the government to recommence payment of the debt owed by the Bulk Oil Distribution Companies (BDCs).

The Manging Director of HFC Bank Robert Le Hunte told Accra-based Citi FM that the Association is hopeful government will start making payments again especially after the general elections.

“Coming out over the past months there have been a lot of negotiations between the Chamber of the Bulk Oil Distributors and the Bankers’ Association and we accepted agreements we made with the government with regards to accepting the debt and promised to make some payments by the end of the year.”

READ ALSO: BDC’s not supplying substandard fuel - CBOD

He mentioned that government paid some of the money already and made a commitment to pay the rest after the election.

“I hope that these promises will be met by the government because I think the payment of that debt is critical there is no doubt in my mind and we all have acknowledged that the bulk oil distributors are owed a tremendous amount of money.”

READ ALSO: NPA to pay BDC debts with interest

The government is currently indebted to about 17 Bulk Oil Distribution Companies in excess of 500 million dollars.

But Robert Le Hunte was optimistic that the “money will be paid and it will be paid as soon as possible.”

Earlier Vice President-elect, Dr Mahamudu Bawumia lamented the debts owed BDCs and warned of a crisis in the banking industry if the government failed to settle the debts.

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