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Business News Fri, 29 Nov 2002

VRA Signs $30 Million Loan Agreement

The Volta River Authority (VRA) has signed a 30 million-dollar medium-term loan agreement with a Consortium of banks in Accra to defray about 80 per cent of its current indebtedness of 45 million dollars to Cote d'Ivoire Electricity Company (CIE).

The Banks are Standard Bank, London, Stanbic Bank Ghana and Ecobank Ghana Limited. The Chief Executive of VRA, Dr Charles Wereko-Brobbey who signed for the Authority expressed gratitude to the banks for the loan and said it would enhance their effort to ensure continuous supply of electricity. He lauded the CIE for its major role in meeting Ghana's domestic demand with competitive cost when the prices crude oil had risen beyond forecast levels and the VRA also had problems with its own generating facility to meet local demand.

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The Managing Director of Stanbic Bank, Ghana, Mr Williams Thomas and the Deputy Managing Director of ECOBANK, Mr Albert Essien signed on behalf their companies while Standard Bank London is expected to sign in London later.

Source: gna
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