IPPs refute Finance Minister’s claims of debt restructuring agreement
The Chief Executive Officer of the Chamber of Independent Power Generators Ghana (IPPs), Dr. Elikplim Kwabla Apetorgbor, has dismissed the assertion by the Minister of Finance, Dr. Mohammed Amin Adam, that the IPPs have agreed to a haircut after six years of negotiation with the Government of Ghana.
Dr. Apetorgbor in a statement clarified that the Minister’s statement is misleading and inaccurate. He emphasized that the last engagement of some IPPs with the Government of Ghana’s negotiating team occurred in April 2024, and since then, no agreement on any terms has been reached.
“It has come to our attention that the Minister of Finance has made public statements indicating that a deal has been reached with Independent Power Producers (IPPs) regarding debt restructuring. We must categorically state that this assertion is misleading and inaccurate,” he stated.
“The last engagement with some of the IPPs and the Government of Ghana’s negotiating team occurred in April [2024] and since then, no agreement on any terms has been reached. The posture and generalisation that the government has secured a debt restructuring agreement with the IPPs are misleading and amount to public deception,” he added.
Dr. Apetorgbor urged the Minister of Finance to refrain from making inaccurate statements and to engage in transparent and honest communications. He concluded by reiterating that the IPPs remain committed to constructive dialogue and finding a mutually beneficial resolution to the ongoing discussions.
Reports indiacte that only two IPPs, CenPower and Amandi, have accepted the government’s proposal to restructure the IPPs’ debt. The rest, including Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy, and AKSA, rejected the haircut proposal by the Government of Ghana.
The Finance Minister, in a statement in London, claimed that the IPPs agreement includes accepting a reduction in their claims (haircut), allowing the government to spread payment over five years.
“The negotiations have been going on for six years, and I am happy to announce that last week, l closed the negotiations with the IPPs,” he revealed.
