After six years of negotiations, the government finalized a $1 billion debt restructuring deal with five IPPs by June 2024, putting an end to concerns about plant closures.
The Minister stated this during a press briefing in Accra on July 1, 2024, jointly organized by the Ministry, Bank of Ghana, and the IMF. He emphasized that the agreements with the IPPs, including Amandi, Cenpower, Early Power, CENIT, and AKSA, would ensure the stability of power plants and marked a positive development for the country.
The Minister confirmed that over $400 million had already been paid to the IPPs in line with the agreement terms. The remaining IPPs, Sunon Asogli and Karpowership, were also progressing in their restructuring discussions.
The Minister highlighted that the agreements would bring fiscal relief and savings for the nation, ensuring a reliable power supply for households and industries. The necessary approvals, including Parliament’s consent for amended documentation related to Amandi, Cenpower, and Early Power, were expected within two weeks.
The overall restructuring package was part of the Energy Sector Recovery Programme (ESRP), aimed at enhancing the energy sector’s sustainability and efficiency.
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