The Chamber of Independent Power Producers of Ghana (IPPG) has announced that, following productive discussions with the Electricity Company of Ghana (ECG), the IPPs have agreed to keep operating their power plants beyond July 1, 2023. In order to facilitate this, the IPPs have received payment offers from ECG to support their operations temporarily.
This arrangement allows the Government of Ghana (GOG) and ECG some breathing space to address the outstanding arrears in the energy sector and fulfill their contractual obligations.
The IPPs expressed optimism that this agreement would contribute to finding a permanent solution to the energy sector debt. However, they emphasized that if the desired outcome is not achieved and the outstanding issues remain unresolved, the IPPs may be forced to revert to their previous decision to shut down without further notice.
The IPPs expressed their gratitude to the Chairman and Ranking Member of the Parliamentary Select Committee on Mines and Energy, as well as the other committee members, for their timely intervention and assistance in facilitating the fruitful engagement between the IPPs and ECG.
Furthermore, the IPPs acknowledged the valuable support and involvement of their respective lenders and shareholders in the discussions aimed at resolving the outstanding debt issues.
The Chairman of the IPPs stated that they are pleased to have reached an interim understanding with ECG, enabling them to continue operating their power plants for the benefit of the Ghanaian people. The IPPs recognized the importance of their operations to the nation and reaffirmed their joint commitment to delivering reliable power to Ghana. They also expressed appreciation for the support and collaboration received from the general public and all well-meaning Ghanaians throughout the process.
The IPPs reiterated their commitment to actively engage with the Government of Ghana and ECG on an individual basis to address the remaining financial issues. They will work towards a sustainable resolution that effectively resolves the challenges at hand.
The Chamber of Independent Power Producers of Ghana is confident that ongoing cooperation will lead to a mutually beneficial solution. They believe that this cooperation is essential for the Chamber to continue making a significant contribution to the development and stability of the energy sector in Ghana and the overall economy.