Government Settles GH¢588m Legacy Debts

  |   Ghana News

The government has settled GH¢588 million of the GH¢2.4 billion indebtedness of the Volta River Authority (VRA) to local banks and its suppliers.This was 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.The government last year reached an agreement with the local banks to restructure the legacy debts in the energy sector, the President of the Ghana Association of Bankers (GAB), Mr Alhassan Andani, said in an interview with the Daily Graphic after the launch of the Stanbic Executive Banking product last Wednesday in Accra.He expressed confidence that the financial industry would see the flow of funds to settle the remaining debt within the stipulated five-year period.When that is achieved, Mr Andani, who is also the Managing Director of Stanbic Bank Ghana, believes it will trigger a significant reduction in non-performing loans (NPLs) of banks by the end of the year.Stanbic Executive Banking.

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