{"id":724383,"date":"2019-10-16T11:08:12","date_gmt":"2019-10-16T11:08:12","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/"},"modified":"2019-10-16T11:08:12","modified_gmt":"2019-10-16T11:08:12","slug":"govt-clears-300m-of-legacy-debt","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/","title":{"rendered":"Gov\u2019t Clears $300m Of Legacy Debt"},"content":{"rendered":"

<\/p>\n

\n

Ken Ofori-Atta<\/strong><\/p>\n

GOVERNMENT
\nPAID $300 million of outstanding legacy debt to Bulk Oil Distribution Companies
\n(BDCs) between 2017 and June 2019.<\/p>\n

A total
\nof $49.77 million outstanding debt is expected to be paid by end of 2019.<\/p>\n

These
\nwere contained in the 2018 Industry Report of the Chamber of Bulk Oil
\nDistributors (CBOD).<\/p>\n

This
\nbrings to $930 million subsidies incurred by government through its subsidy
\npolicy from 2012 to date.<\/p>\n

The
\noutstanding claims at the end of 2018 comprised Real Value Factor (RVF) and
\nForex Loss Under Recoveries Interest (FLURI) claims.<\/p>\n

Real
\nValue Factor refers to the financial cost (interest) incurred by BDCs for the delayed
\npayments of price under recoveries.<\/p>\n

Forex
\nLoss Under Recoveries Interest on the other hand, refers to the financial cost
\nborne by BDCs for the delayed payment of Forex Loss Under Recovery (FLUR) by
\ngovernment.<\/p>\n

According
\nto the report, Legacy Bonds Limited, an assignee of the BDC claims, negotiated
\nand finalised the parameters\/terms for establishing the FLURI and RVF claims
\nwith government.<\/p>\n

It said
\nin June 2019, government through the Ministry of Finance (MoF) issued a 10-year
\nESLA bond of GH\u00a2648.93mn to fully settle the validated RVF claims and partially
\nsettle the FLURI claims.<\/p>\n

The ESLA
\naccount at the end of 2018 recorded a closing balance of GH\u00a2615.42 million.<\/p>\n

ESLA
\nPlc had issued bonds with a face value of GH\u00a25.6
\nbillion (GH\u00a25,664.72 million) as of December 2018, as part of the government\u2019s
\nplan to refinance Energy Sector debts.<\/p>\n

The
\nissuance of the bonds resulted in the reduction of State-Owned Enterprise (SOE)
\ndebts to its creditors by approximately GH\u00a25.4
\nbillion (GH\u00a25,453.20 million) as of end 2018.<\/p>\n

Total
\ntransfers from the ESLA accounts towards the servicing of the ESLA bonds
\namounted to GH\u00a21.3 billion (GH\u00a21,353.71 million).<\/p>\n

The
\n2018 Annual Report on the Management of the Energy Sector Levies and Accounts,
\nindicates that for 2019, a total of GH\u00a23,947.82
\nmillion has been targeted for collection under the Energy Sector Levy Act,
\n(ESLA). \u2013<\/p>\n

\u2013Citifmonline<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Ken Ofori-Atta GOVERNMENT PAID $300 million of outstanding legacy debt to Bulk Oil Distribution Companies (BDCs) between 2017 and June 2019. A total of $49.77 million outstanding debt is expected to be paid by end of 2019. These were contained in the 2018 Industry Report of the Chamber of Bulk Oil Distributors (CBOD). This brings […]<\/p>\n","protected":false},"author":1,"featured_media":724384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-724383","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nGov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Ken Ofori-Atta GOVERNMENT PAID $300 million of outstanding legacy debt to Bulk Oil Distribution Companies (BDCs) between 2017 and June 2019. A total of $49.77 million outstanding debt is expected to be paid by end of 2019. These were contained in the 2018 Industry Report of the Chamber of Bulk Oil Distributors (CBOD). This brings […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"headline\":\"Gov\u2019t Clears $300m Of Legacy Debt\",\"datePublished\":\"2019-10-16T11:08:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/\"},\"wordCount\":320,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/ken-ofori-atta-2.jpg\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/\",\"name\":\"Gov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/ken-ofori-atta-2.jpg\",\"datePublished\":\"2019-10-16T11:08:12+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/10\\\/16\\\/govt-clears-300m-of-legacy-debt\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/ken-ofori-atta-2.jpg\",\"contentUrl\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/ken-ofori-atta-2.jpg\",\"width\":620,\"height\":394},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2019\\\/#\\\/schema\\\/person\\\/53d06a757a4242f113d200e3c290c036\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/","twitter_card":"summary_large_image","twitter_title":"Gov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com","twitter_description":"Ken Ofori-Atta GOVERNMENT PAID $300 million of outstanding legacy debt to Bulk Oil Distribution Companies (BDCs) between 2017 and June 2019. A total of $49.77 million outstanding debt is expected to be paid by end of 2019. These were contained in the 2018 Industry Report of the Chamber of Bulk Oil Distributors (CBOD). This brings […]","twitter_image":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"headline":"Gov\u2019t Clears $300m Of Legacy Debt","datePublished":"2019-10-16T11:08:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/"},"wordCount":320,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/","url":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/","name":"Gov\u2019t Clears $300m Of Legacy Debt - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2019\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg","datePublished":"2019-10-16T11:08:12+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2019\/10\/16\/govt-clears-300m-of-legacy-debt\/#primaryimage","url":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg","contentUrl":"https:\/\/www.ghanamma.com\/2019\/wp-content\/uploads\/2019\/07\/ken-ofori-atta-2.jpg","width":620,"height":394},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2019\/#website","url":"https:\/\/www.ghanamma.com\/2019\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2019\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2019\/#\/schema\/person\/53d06a757a4242f113d200e3c290c036","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"}}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/724383","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/comments?post=724383"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/posts\/724383\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media\/724384"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/media?parent=724383"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/categories?post=724383"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2019\/wp-json\/wp\/v2\/tags?post=724383"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}