Govt Pays US$1.470 Billion to Settle Energy Sector Debt- Finance Minister
The Minister for Finance, Cassiel Ato Forson, says the government has paid US$1.470 billion to resolve the crippling energy sector debt that posed one of the gravest risks to Ghana’s financial stability.
As of December 31, 2025, he said the government had fully repaid US$597.15 million, inclusive of interest, drawn on the World Bank Guarantee plus outstanding gas invoices owed to ENI and Vitol for electricity generation totalling US$480 million.
“This achievement has restored the facility in full and reaffirmed Ghana’s standing as a credible and reliable partner on the global stage,” he wrote in a Facebook post.
According to him, adequate budgetary provisions have been secured to sustain timely payments going forward.
In addition, he said US$392,810,714 was paid last year to settle legacy IPP debts.
This included US$120,000,000 to Karpowership Ghana Co. Ltd, US$59,444,180 to Cenpower Generation Co. Ltd, US$37,986,534 to Twin City Energy (Amandi), US$42,000,000 to Early Power Ltd, US$10,560,000 to BXC Company Ltd, US$8,820,000 to Meinergy Technology, US$54,000,000 to Sunon Asogli Ghana Ltd, US$30,000,000 to AKSA Energy Limited and US$30,000,000 to Cenit Energy Ltd.
“Beyond clearing inherited arrears, and through disciplined implementation of the Cash Waterfall Mechanism by the Ministry of Energy, the Government has remained current on largely all IPP invoices for 2025 and is firmly committed to further improving payment performance across all IPP obligations going forward.”
Stable Power
To enhance a stable power supply to the country, the government said it has also held constructive engagements with Tullow Oil and the Jubilee Field partners, agreeing on a comprehensive roadmap to guarantee full payment for all gas off-taken.
“Engagements with Ghana’s upstream partners have already resulted in increased gas production, guided by a clear national vision to rapidly scale up domestic gas supply to meet the country’s growing energy demand and reduce reliance on expensive liquid fuels.”
Story by Hajara Fuseini
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