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Government has paid BDCs – NPA

npaThe National Petroleum Authority (NPA) has told Citi Business News government has released additional funds to defray debt owed the Bulk Oil Distribution Companies (BDCs).

Government has been indebted to the BDCs to a tune of about GHC 600 million, a figure currently being disputed by the two.

The indebtedness is as a result of under-recoveries, foreign exchange losses and interests.

In July, government released the first tranche, a GHC 100 million after which it had to come to agreement with the BDCs on the mechanism to determine the interest payments.

Chief Executive Officer of the NPA, Moses Asaga told Citi Business News government has paid about three tranches already which currently puts the debt at GHC 255 million.

He said: “Government has not just paid only 100million, but has paid about three or four tranches and that has reduced the amount to about GHS255 million. We are still in the process to make sure that we recover these monies that have been as a result of subsidies.”

Mr. Asaga also mentioned that the NPA is “going to ring-fence it and pay them in tranches.”

Meanwhile, Citi Business News checks indicate that the BDCs are yet to receive the money.

Source: citionline.com

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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