Government settles GH¢588m legacy debts
The government has settled GH¢588 million of the GH¢2.4 billion indebtedness of the Volta River Authority (VRA) to local banks and its suppliers.This was after an initial deposit of GH¢250 million and two quarterly payments of GH¢169 million in the last quarter of 2016 and the first quarter of 2017.
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The government last year reached an agreement with the local banks to restructure the legacy debts in the energy sector, the President of the Ghana Association of Bankers (GAB), Mr Alhassan Andani, said in an interview with the Daily Graphic after the launch of the Stanbic Executive Banking product last Wednesday in Accra.
He expressed confidence that the financial industry would see the flow of funds to settle the remaining debt within the stipulated five-year period.
When that is achieved, Mr Andani, who is also the Managing Director of Stanbic Bank Ghana, believes it will trigger a significant reduction in non-performing loans (NPLs) of banks by the end of the year.
Stanbic Executive Banking
The Head of Personal and Business Banking of Stanbic Bank, Nana Dwemoh Benneh, indicated that the bank reintroduced its Executive Banking service with the addition of some new packages such as an educational plan, a hospital cash cover and retrenchment cover.
That, he said, was in a bid to provide customers with a swifter access to a wide range of products that would enhance their lifestyle.
“This is yet another opportunity to prove to our customers our responsiveness to their needs. As a bank, we believe a real banking experience goes beyond just deposits and withdrawals. So for us, it is about enriching lives, taking to heart the customers’ comfort and giving back to them what is just right for the betterment of their lives,” he stated.
The Manager, Executive Banking at Stanbic Bank, Mrs Adjoa Commey, said the new set of solutions was in line with the bank’s commitment to provide real value to its customers.
Mrs Adjoa Commey (2nd left) explaining the new features of the product. With her are Nana Dwemoh Benneh (left) and other officials of the bank
