The Mahama administration has spent about US$1.47 billion within its first year in office to stabilise the energy sector and reverse years of debt accumulation, officials say.
In a Facebook post, Dr Forson said the government moved swiftly after taking office in January 2025 to confront what he described as one of the biggest threats to Ghana’s financial stability: unpaid energy sector obligations.
According to him, persistent non-payment for gas supplied from the Offshore Cape Three Points (OCTP) field under the previous administration had completely exhausted the US$500 million World Bank Partial Risk Guarantee, undermining Ghana’s credibility with international partners.
He noted that as of 31 December 2025, government had fully repaid US$597.15 million, including interest, drawn on the guarantee, restoring it in full and reaffirming Ghana’s standing as a reliable partner.
Dr Forson also disclosed that between January and December 2025, government settled about US$480 million in outstanding gas invoices owed to ENI and Vitol, bringing all payments to the Sankofa gas partners up to date.
He said adequate budgetary provisions have now been made to ensure payments remain current.
Beyond gas obligations, the Finance Minister said government paid approximately US$393 million in legacy debts owed to Independent Power Producers (IPPs) in 2025.
Payments were made to companies including Karpowership, Cenpower, Sunon Asogli, Early Power, AKSA, and others.
He added that government has engaged upstream partners, including Tullow Oil and Jubilee Field partners, agreeing on a roadmap to guarantee full payment for gas off-take, boost domestic gas production and support reliable nationwide electricity generation while reducing reliance on expensive liquid fuels.
As part of what he described as a broader energy sector reset, Dr Forson said all IPP agreements have been renegotiated to secure better value for money, while strict implementation of the Cash Waterfall Mechanism has helped government remain largely current on 2025 IPP invoices.
“The era of uncontrolled energy sector debt accumulation is over,” the Finance Minister assured.
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