Almost 11 months after the sod was cut for the reconstruction of the 7.2-kilometre Tema Industrial Area to Kpone road, work is yet to commence.
The project, when completed, is expected to improve the capacity and quality of the road commensurate with the size of tax revenue generated by the government from industries in the enclave.
The gulleys on the stretch currently has turned it into a narrow way for articulated trucks and bulk road vehicles (BRV) that cart goods on a daily basis on that stretch.
The Minister of Roads and Highways, Mr Kwasi Amoako-Attah, declared at the sod-cutting event on August 2, 2020, that the construction works would be completed within a 24-month period.
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In its annual report on the energy sector management, the Minister of Energy has revealed that a Special Purpose Vehicle (SPV) was established to refinance the energy sector debt. The Energy Sector Levy Act (ESLA) issues long-term loans guaranteed by the energy sector revenues to offset the energy sector loans.
In its 2020 report, the ESLA stated that a total of GH¢ 9,393,512,842 was the total claims on energy sector debt. The sector owes the fuel suppliers GH¢ 2,947,600,222, power producers GH¢ 1,976,731,067, and GH¢ 616,000,000 amongst others.
According to the report, Volta River Authority (VRA), Tema Oil Refinery (TOR), Electricity Company of Ghana (ECG), Bulk Oil Storage and Transport (BOST), and the Ghana Grid Company (GRIDCo) made payments totalling GH¢ 7.294 billion to creditors in 2020.
The Business & Financial Times
July 7, 2021
Energy Minister, Matthew Opoku Prempeh
Energy sector debt, approximately GH¢8billion, has been refinanced over the last four years ending 2020 through the Energy Sector Levy Act (ESLA), the annual report on management of energy sector levies and accounts has shown.
Of the total amount, GH¢1.87billion was settled in cash to creditors while the remaining GH¢6.19billion was covered by debt-swaps – whereby the creditor enters into a bond purchase agreement with the issuer.
In 2018, a total of GH¢5.45billion was novated to creditors, comprising of about GH¢3.92billion in debt-swaps and GH¢1.53billion in cash settlement; while in 2019 GH¢988.78million was settled, with GH¢648.93million in debt-swaps and GH¢339.85million in cash settles. Last year, ESLA novated about GH¢1.62billion entirely in debt-swaps.
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