• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Debt Restructuring: Government to reach agreement with IPPs in May

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Debt Restructuring: Government to reach agreement with IPPs in May

The government has given an indication about reaching an agreement with Independent Power Producers (IPPs) on debt restructuring as part of measures to reduce deficit in the energy sector.

That, Dr Mohammed Amin Adam, Finance Minister, said would be essential in solving the country’s energy sector financial challenges, which has been largely attributed to recent power outages across the country.

The Minister was speaking at a press briefing to wrap up Ghana’s activities at the just ended International Monetary Fund (IMF)/World Bank Group (WBG) Spring Meetings in Washington, US, monitored by the Ghana News Agency.

He noted that though the country did not have excess capacity, it had to pay for the debt accumulated in addition to the payment of legacy debt in the energy sector.

“As a result of these”, we have renegotiated with the IPPs to restructure the debt and once we complete the negotiations, the debt overhung, shortfall will reduce. I can tell you that in the next one month, we should be signing off with the IPPs on the restructuring of our debt,” he said.

Dr Amin Adam added that, “once the shortfalls are reduced, we should be working towards bringing the sector into financial sustainability in line with the Energy Sector Recovery Programme.”

Currently, Ghana has some US$1.9 billion energy sector financing gap to tackle, which the Minister during an earlier engagement at the spring meetings said had made the government take the “bullet” to solve.

“We assure investors that while there are challenges, we’re bold as a government to take the necessary bullet for us to put the sector in a more sustainable manner so as to address the challenges that investors are usually worried about,” he said.

The reforms include the implementation of the Energy Sector Recovery Programme, which started in 2019, and renegotiation of Independent Power Producers (IPPs) agreements to reduce the cost of generation.

There is also the implementation of a quarterly tariff adjustment review, which accounts for inflation, exchange rate depreciation, and changes in the generation mix, as well as a cash waterfall mechanism.

He disclosed the government’s plan to procure some one million revenue efficient meters through a partnership with the World Bank under a Programme-for-Result scheme to shore up revenue and support value chain operational effectiveness.

Meanwhile, the Institute for Energy Security (IES), has called on the Energy and Finance Ministries, to team up and urgently provide the money required to solve the current energy sector challenges to make Ghanaians enjoy reliable and affordable electricity.

The Institute also highlighted the importance of the government to resource the Electricity Company of Ghana (ECG) to bring down its technical and commercial losses.

Such support, Nana Amoasi VII, Executive Director, IES, recommended should go into the deployment of more smart meters, capable of detecting theft, in addition to having a more efficient distribution system to increase revenue.

Speaking to GNA last Tuesday, Nana Amoasi VII, noted that doing so would help in fulfilling ECG’s mission of providing quality, reliable and safe electricity services to support the economic growth and development.

Source: GNA
Via: norvanreports
Tags: debt restructuringDebt Restructuring: Government to reach agreement with IPPs in MayECGEnergy Sector Recovery ProgrammeIESIMFIPPsWorld Bank
No Result
View All Result

Highlights

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

RMA Demands Public Inquiry into Unibank Collapse, Slams AG’s Decision to Drop Charges

Trending

Features

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe The Ghana Airports Company Limited (GACL) has officially...

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.