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Finance Ministry clears part of debt owed BDCs

senyoThe extension of credit to businesses and importers of petroleum products by banks should witness a marginal improvement.

This follows the payment of a little over 600 million to Bulk Oil Distribution companies by Government, representing a fraction of a 3 billion Ghana cedis owed the oil distribution companies.

The 3 billion Ghana cedis debts, which has been on the books of some big banks in the country, made it difficult for them to lend to various institutions and individuals.

The development also contributed to the high interest rate charged by commercial banks.

It also affected the ability of most of the bulk oil distributors to secure fresh credit from banks to support their imports.

– See more at: http://www.myjoyonline.com/business/2016/January-26th/finance-ministry-clears-part-of-debt-owed-bdcs.php#sthash.ntBEPDX7.dpuf

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