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    Ventures: Here's How Ghana Plans to Settle Outstanding Gas Debts by February 2016

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Summary

Ventures outlines the agreement reached between the Ghanaian government and Nigeria's N-Gas about Ghana's gas debt to N-Gas as well as repayment terms

by: Erica Mills

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Press Notes, Africa

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Ventures: Here's How Ghana Plans to Settle Outstanding Gas Debts by February 2016

After the recently concluded meeting between Ghana and the Nigerian gas company concerning a convenient plan to settle outstanding debts, Ghana has till February next year to pay up. The Nigerian gas company has set the end of February 2016 as the deadline for Ghana’s Volta River Authority to clear its outstanding debt of $171.5m (N33.79bn). The Ghanaian government already settled $10 million last week. 

According to Kweku Sersah, a spokesperson for Ghana’s Ministry of Power, Ghana’s state power generating company, the Volta River Authority, will settle the debt to Nigeria’s N-Gas in three installments starting in November. However Sersah also stated that the terms for this were still being finalized. “The high-powered delegation that went (to the Nigerian capital, Abuja) was able to negotiate for Nigeria Gas (N-Gas) to continue to supply the country the needed gas.”

Read the full article HERE.

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