ESLA PLC accrues GH¢5.9 billion in assets

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The total assets accruing to the Energy Sector Levy Act (ESLA PLC) increased by 2.5% for the first quarter of 2019 compared to the same period in 2018.

According to the unaudited financial statement of ESLA PLC, the figure increased from 5.76 to 5.9 billion cedis for the period spanning January to March this year and the same period last year.

The move has also impacted on the earnings of secondary traders of the bond.

Analysis of the financial statement shows that the total assets accruing to ESLA PLC increased by about 145 million cedis within the one year period.

This was accounted for by increases in receivables comprising levies charged to refinance the energy sector debt.

A further breakdown also shows that the levies collected between January and March this year went up to 1.64 billion cedis compared to the 1.4 million cedis recorded in the same period last year.

Meanwhile total liabilities that managers of the ESLA PLC are expected to cater for is estimated at 5.87 billion cedis up from the 5.76 billion cedis.

The liabilities comprise bonds interest payable, deposits towards expenses as well as current tax to be paid on the operations of the bond.

The government in 2017 issued the ESLA bond to pay off the 10 billion cedis accumulated debt in the energy sector.

The bond was issued in two tranches of seven and ten years respectively.

As at August 2018, the ten year bond had raised 3.25 billion cedis while the seven year bond had raised 2.4 billion cedis.

The proceeds of the bonds were listed for trading on the Ghana Stock Exchange.

The financial statement issued by ESLA PLC again shows that the secondary traders of the bond have earned 4 cedis 69 pesewas per share as at March 2019.

Source: Citi News