\n
The total debt accrued by the government and expected to be paid to Independent Power Producers (IPPs) is projected to hit $450 million by the end of this year.<\/p>\n
According to a Citi Business News report, the situation will worsen if discussions on the restructuring of the debt for the energy sector fail to progress.<\/p>\n
The government is currently engaging with IPPs over a debt revamp of about $1.46 billion spanning several years.<\/p>\n
While the government is said to be nearing an agreement with the IPPs, power producers continue to insist that a significant portion of legacy debt payments must be made before a final agreement on the debt revamp is reached.<\/p>\n
The report adds that the government has yet to formally finalize the preconditions of the debt restructuring deal, even though win-win terms with the IPPs have been reached.<\/p>\n
Currently, the IPPs insist that the government make payments on the bulk of the legacy debts before progress can be made on the debt restructuring. Some IPPs are demanding a 15% down payment, while others are proposing different payment terms.<\/p>\n
The latest development is expected to worsen the situation in the energy sector.<\/p>\n
For example, the ECG has been paying about 70 percent of the invoices, while the remaining 30 percent has yet to be honored as of July 2023.<\/p>\n
The accumulation of these debt payments is expected to reach about $450 million by the end of the year if negotiations fail to progress, according to sources who spoke with Citi Business News.<\/p>\n
Furthermore, any delays in debt payments or debt restructuring could lead to power supply disruptions.<\/p>\n
Since 2023, Independent Power Producers have threatened to withdraw their services from the national grid, citing the government\u2019s inability to honor their legacy debts.<\/p>\n
MA\/NOQ<\/p>\n
Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The total debt accrued by the government and expected to be paid to Independent Power Producers (IPPs) is projected to hit $450 million by the end of this year. According to a Citi Business News report, the situation will worsen if discussions on the restructuring of the debt for the energy sector fail to progress. […]<\/p>\n","protected":false},"author":1,"featured_media":182233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-182232","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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