A Deputy Minister of Information, Kojo Oppong Nkrumah said the $2.24billion bond is to pay the huge debt burdening the country’s energy sector.
This was revealed by a Deputy Minister of Information, Kojo Oppong Nkrumah.
In an interview with Accra-based Starr FM Kojo Oppong Nkrumah said the $2.24billion bond follows a $2.25billion bond issued by the government earlier.
“We have just successfully done a $2.25billion bond and we are looking at how to raise an extra of about $2.24billion to pay off that debt in a single bullet and to have that single bullet amortised with the energy sector levies that are still existing.”
“The attempts by the previous government to resolve the dumsor crisis have led to a gargantuan debt overhang in the sector…we have inherited a heavily indebted energy sector, with the net debt reaching 2.4 billion US dollars as at December 2016,” he explained.
In President Akufo-Addo’s State of the Nation Address, he mentioned that the provision of reliable power supply is being hampered by the country’s huge debts in the energy sector.
The first bond issued by the NPP-led administration was largely bought by Franklin Templeton, a US-based Firm. This generated a lot of controversy in the political space of the country.