Energy Government commits GHC588m to legacy debts

The government has paid an amount of GH¢588 million out of the GH¢2.4 billion debt.

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The government has committed an amount of GH¢588 million to settle part of the GH¢2.4 billion debt that the Volta River Authority (VRA) owes local banks and its suppliers.

This came after an initial deposit of GH¢250 million and two quarterly payments of GH¢169 million in the last quarter of 2016 and the first quarter of 2017.

Image result for Alhassan Andani

The President of the Ghana Association of Bankers (GAB), Mr Alhassan Andani, and government last year reached an agreement with the local banks to restructure the legacy debts in the energy sector.

READ ALSO: This is how much Ghana's energy sector owes- Infograph

He also stated that the financial industry would see the flow of funds to settle the remaining debt within the stipulated five-year period.

This he believes it will trigger a significant reduction in non-performing loans (NPLs) of banks by the end of the year.

Stanbic Executive Banking
The Head of Personal and Business Banking of Stanbic Bank, Nana Dwemoh Benneh, indicated that the bank reintroduced its Executive Banking service with the addition of some new packages such as an educational plan, a hospital cash cover and retrenchment cover.

READ ALSO: VRA, GRIDCo to be listed on the Ghana Stock Exchange

That, he said, was in a bid to provide customers with a swifter access to a wide range of products that would enhance their lifestyle.

“This is yet another opportunity to prove to our customers our responsiveness to their needs. As a bank, we believe a real banking experience goes beyond just deposits and withdrawals. So for us, it is about enriching lives, taking to heart the customers’ comfort and giving back to them what is just right for the betterment of their lives,” he stated.

READ ALSO:  VRA to settle energy debt by March 2017

The Manager, Executive Banking at Stanbic Bank, Mrs Adjoa Commey, said the new set of solutions was in line with the bank’s commitment to provide real value to its customers.

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