The Government of Ghana says it has settled approximately US$1.47 billion in outstanding energy sector obligations, a move the Ministry of Finance says has restored financial stability to the sector as of December 31.
In a statement issued on Monday, the Ministry disclosed that the payments covered major legacy liabilities, including a US$597.15 million World Bank guarantee, US$480 million owed to gas suppliers ENI and Vitol, and US$392.8 million in arrears owed to nine Independent Power Producers (IPPs) operating in the country.
According to the Ministry, the accumulated debts had become one of the most significant threats to Ghana’s fiscal position and the financial sustainability of the energy sector.
The government provided a detailed breakdown of payments to IPPs, with Karpowership Ghana Company Limited receiving US$120 million, Cenpower Generation Company Limited US$59.44 million, Twin City Energy (Amandi) US$37.99 million, Early Power Limited US$42 million, BXC Company Limited US$10.56 million, Meinergy Technology US$8.82 million, Sunon Asogli Power Ghana Limited US$54 million, AKSA Energy Limited US$30 million, and Cenit Energy Limited US$30 million.
The Ministry also revealed that government has engaged Tullow Ghana Limited and its Jubilee Field partners, resulting in an agreed roadmap aimed at guaranteeing full payment for all gas supplied to the country.
