Government is on schedule to offsetting Energy Sector levy – Alhassan Andani

Managing Director of Stanbic Bank Alhassan Andani has emphasised government’s commitment to ensuring that the energy sector levy is paid down as scheduled.

According to him, government has released funds for the advanced payments and the quarterly payments that it was supposed to have paid.

“That energy sector debt is being paid down. The VRA debt is being paid down very well, government is on schedule with the reductions as was agreed, we’ve received advanced payment of 250million, we have the September quarterly payment, December quarterly payment and invoice for March and there’s every indication that we will get paid so that is really coming down”

He explained that per the restructured payment, government is expected to deposit about 160million cedis by the end of March.

He revealed that the 2.4 billion that was restructured is being repaid on time and in the right amounts as agreed with government.

“The 2.4 billion that was restructured is being repaid on time in the amount that was agreed upon with government…The restructured payment is over five years and that is what ESLA is meant to take out and theres sufficient flows from ESLA to take out that debt which is good for the country.”

He urged the stakeholders not to only talk about issues relating to the levy when it’s bad but al so to propagate it when it’s doing well.

The Energy sector levies were introduced in December 2015.

Among other things the primary aim was to raise revenue to meet the increasing debts owed major institutions in the energy sector, that is the Volta River Authority (VRA), Ghana Grid Company (GRIDCo) and the Electricity Company of Ghana (ECG).