Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Government has paid BDCs – NPA

  • SOURCE: | Editor
  • 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

    Get the latest news and updates on Ghana’s oil and gas value chain by following us Reporting Oil and Gas on twitter @oilgasghana and like our facebook page and get at us on Google+. Subscribe to our group to get update

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Jul 2018 >>
    MTWTFSS
    25 26 27 28 29 30 1
    2 3 4 5 6 7 8
    9 10 11 12 13 14 15
    16 17 18 19 20 21 22
    23 24 25 26 27 28 29
    30 31 1 2 3 4 5
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar