The government has concluded a deal with Independent Power Producers (IPPs) to restructure arrears following six years of negotiations.
This was disclosed by the Finance Minister, Dr. Mohammed Amin Adam.
The Minister said the agreement reached includes the IPPs accepting a reduction in their claims (haircut) and allowing the government to spread payment over a five-year period.
He noted that the move has helped achieve significant fiscal relief.
“The negotiations have been going on for six years, and I am happy to announce that last week, l closed the negotiations with the IPPs,” he revealed.
“We have closed it, and we have restructured the arrears of the independent power producers in Ghana, particularly the four major independent power producers in Ghana, [in a way] that has brought us some significant haircut or discount and that now allows us to spread the balance over five years or above.”
He added that “the problem that Ghana’s energy sector is faced with is now under control. The ECG [Electricity Company of Ghana] managing director is here, and he will confirm that we will stop interruption in power supply in order to provide reliable power for industry to thrive, so we can support the growth efforts of our economy.”
By: Rainbowradioonline.com/Ghana
