Government has secured GH¢615 million from investors to help reduce the energy sector debts. These funds were secured after it closed the 10-year bond which was re-opened on Monday.
Managers were targeting about GH¢137 million but ended up receiving far more than what they were expecting. They are hoping to pay creditors or investors a little over 19 percent as interest.
As at June 2016, the stock of debt of ECG, VRA, GRIDCO, GNGC and TOR stood at over GHC 22 billion.
These outstanding payments in the energy sector is affecting the development of the sector, crippling banks and slowing down the economy in general.
Sources, however, say a significant portion of the GH¢10 billion energy sector debts has been cleared.
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