- “For once, let’s see each other as partners in development and work together to develop our country for the benefit of our people,” Amin Adam said
The Minister for Finance, Mohammed Amin Adam, has announced that the Government of Ghana and five independent power producers have reached an agreement to restructure the debt owed the IPPs.
Speaking at a joint IMF/Ministry of Finance news conference in Accra on Monday (1 July 2024), Amin Adam said: “We have seven IPPs and we’ve reached agreement with five of them.”
A government negotiation team was mandated to restructure the legacy debt owed to the IPPs – Aksa, Amandi, Cenit, Cenpower, Karpowership, Early Power and Sunon Asogli.
Dr Amin Adam said, “That is very positive for our country. It tells us [what is] past, because we are committed to implementing the terms of this agreement.
“Ill-informed”
“We already have started performing on our side and, to date, the government has paid in excess of US$400 million to all IPPs as part of our performance of the agreement that we just reached.”
However, the Finance Minister advised that in future the Chamber of Independent Power Producers of Ghana should ensure that is well informed before entering into public discussions about the energy sector legacy debt, because “it is not in our interest to always go [into the public domain] with false or negative information”.
“And therefore, for a chamber representing IPPs not to be informed about these developments and to issue a statement on behalf of the IPPs without consulting with them is really unfortunate,” the Finance Minister said. “What for? What do we want to achieve?
“Should it not be in our interest as a country that government has worked tirelessly to reach agreement with IPPs? Is it not in our interest as a country?” the Finance Minister asked.
Dr Amin Adam said the agreement will allow everyone in Ghana, including the power industry, to continue to enjoy reliable power supply in the future.
“For once, let’s see each other as partners in development and work together to develop our country for the benefit of our people,” the minister said. “If we do not reach agreement [in this instance], does that amount to not reaching agreements with IPPs? Five out of seven?
“And the headline out there is that the government lied. Why would the government lie?”
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