Energy Ministry happy over huge subscription of energy bond

The Ministry of Energy has expressed satisfaction over the high subscription of the Energy Bond by investors as at the close of Wednesday January 24, 2018.

ESLA Plc, the entity which is mandated to raise money to pay the debts in Ghana’s energy sector reopened the ten year bond on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018) and targeted to raise between 100 and 130 million cedis from the market.

But at the close of Wednesday an amount GH¢615,947,860 was realized thus exceeding the target of about six times.

ESLA Plc in November last year issued 7 and 10 year bonds to raise some 6 billion cedis to settle outstanding debts in the energy sector.

In all, ESLA Plc raised 4.7 billion cedis.

The debt in the energy sector is estimated at 10 billion cedis.

Speaking to Oman News, Head of Communications at the Energy Ministry Nana Kofi Damoah stated that the Ministry is enthused about the confidence investors have reposed in the current administration.

He said government will reopen the energy bond again to raise remaining amount to offset the energy sector debts.

Story By: Michael Creg Afful

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