GHANA TO APPLY FOR BRICS MEMBERSHIP. (PHOTO).

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 Ghana to apply for BRICS membership Ghana will formally apply to join BRICS after President John Dramani Mahama's cabinet approved the move, Foreign Minister Samuel Okudzeto Ablakwa has said. Ablakwa said the decision was part of efforts to diversify Ghana's international partnerships and create more opportunities for economic development, Ghana News Agency reported. “Another major highlight which I am disclosing to the Ghanaian people for the first time is that the Cabinet of President John Dramani Mahama has decided that Ghana should put in a formal application to join BRICS,” Ablakwa said. The minister said joining the bloc would complement, rather than replace, Ghana's existing relationships with traditional development partners.
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FG RAISES 501 BILLION NAIRA TO SETTLE GENCOS DEBT. (PHOTO).

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 FG RAISES 501 BILLION NAIRA TO SETTLE GENCOs DEBT


Federal Government has raised 501 billion naira from the bond market to settle part of more than four trillion naira debt owed power generation companies in the country.


The funds were raised through the issuance of two bond tranches: a 300 billion naira 7-year 17.50 percent Series 1 (Tranche A) bond and a 201.02 billion naira 7-year 17.50 percent Series 1 (Tranche B) bond.


Nigerian Bulk Electricity Trading Plc,  NBET issued the bond.


The issuance is  guaranteed by the Federal Government under the Presidential Power Sector Debt Reduction Programme.


Fourteen generation companies signed the deal, describing it as a game changer that will address the liquidity crisis in the power sector.

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