Business News of Friday, 23 June 2023         

Energy Expert, Kwame Jantuah has called on the Finance Minister to honour the debt payments owed to Independent Power Producers (IPPs).

Government is said to owe about $1.4 billion in outstanding payments to IPPs with moves to restructure the debt rejected by the power producers. They however want government to pay at least 30 percent of the sum.

Reacting to the development, the Energy expert said Ghana cannot afford another power crisis and therefore wants government to urgently address the situation to avert the IPPs decision to cut power supply from the national grid.

“I expect the president to ask the Finance Minister why have we sat down all this while and not been able to pay. Try as much as possible to offer something to the Independent Power Producers,” Kwame Jantuah said while speaking on the Accra-based TV3 on June 23.

He further stressed that the debt payments must be honoured in order to ensure that IPPs remain in position to provide electricity generation to distributors.

Meanwhile, the IPPs have threatened to cut power supply from July 1, 2023, if the government does not pay an interim 30 percent of their arrears.

“We refer to our letters dated March 27, 2023, and My 25, 2023 with reference numbers IPGG/1/2023 and IPGG/2/2023 addressed to the Minister [Finance] by which the IPP Chamber stressed the urgent necessity for the government to prioritise payment of the outstanding arrears owed to members of the IPP Chamber to enable the IPPs to cover critical operational costs required to continue operations and pay overdue debt service”, the IPPs said in a statement to the Finance Minister.

Read the full statement below:

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