IPGs Confirm Partial Settlement of Legacy Debt
The Independent Power Generators (IPGs) of Ghana have confirmed the payment of legacy debt owed by the country.
In a statement, it commended the government, saying it had settled a substantial portion of the arrears owed to power generation companies operating within Ghana’s energy sector.
According to the Power Generators, the achievement reflects decisive leadership, disciplined fiscal management, and a clear commitment by the Government to resolving inherited structural challenges that have constrained the sector for several years.
It noted that the move will restore financial stability and operational confidence across the power sector.
“We particularly recognise the strategic role played by the Ministry of Finance in mobilising and deploying significant financial resources to stabilise the sector, and the Ministry of Energy and Green Transition for the disciplined implementation of the Cash Waterfall Mechanism and other reforms that have ensured improved payment performance to service providers.
“These actions have sent a powerful signal to both domestic and international investors that Ghana is firmly committed to honouring its contractual obligations, strengthening sector governance, and rebuilding credibility in its power market.”
It stated that investor confidence in Ghana’s energy sector has been meaningfully restored.
Meanwhile, the IPGs reaffirmed its unwavering commitment to Ghana’s energy security, economic transformation, and industrial development, pledging its full cooperation to sustain a reliable power supply, support sector reforms, and promote efficiency, transparency, and value for money across the power value chain.
“We remain confident that the collaborative spirit demonstrated in the resolution of these legacy arrears will continue to guide the Government-IPG partnership toward a future of energy sustainability, financial discipline, and shared prosperity for the people of Ghana.”
According to the Finance Ministry, an amount of 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.
Story by Hajara Fuseini
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