Ghanaian IPPs Dispute Government Claim of Debt Restructuring Agreement

by Louisa Afful
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Dr. Elikplim Kwabla Apetorgbor, CEO of the Chamber of Independent Power Generators, Ghana (IPPS), has refuted Finance Minister Dr. Mohammed Amin Adam’s claim that IPPs have agreed to a debt restructuring deal after six years of negotiation with the Government of Ghana.

In a statement to Joy Business, Dr. Apetorgbor stated that the Finance Minister’s remarks are misleading and inaccurate. He clarified that the last negotiation with some IPPs took place in April 2024, and no agreement has been reached since then.

Dr. Apetorgbor emphasized, “The Minister of Finance has stated that a deal with the IPPs on debt restructuring has been reached. This is misleading and inaccurate. The last negotiation was in April 2024, and no terms have been agreed upon. The government’s assertion of securing a debt restructuring agreement with the IPPs is deceptive.”

He urged the Finance Minister to communicate transparently and honestly. Dr. Apetorgbor also affirmed that the IPPs are committed to constructive dialogue and finding a mutually beneficial resolution.

Joy Business reports that only two IPPs, CenPower and Amandi, have accepted the government’s debt restructuring proposal. The others; Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy, and AKSA—have rejected it.

In a statement from London, the Finance Minister claimed that the IPPs have agreed to a haircut and to spread payments over five years. “The negotiations have been going on for six years, and I am happy to announce that last week, I closed the negotiations with the IPPs,” he said.

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