Dr Elikplim Kwabla Apetorgbor, Chief Executive Officer of Independent Power Generators Ghana, has disputed claims made by the Ministers of Finance and Energy, describing their assertion that the government has reached an agreement with Independent Power Producers (IPPs) as “inaccurate”.
His comments follow those made by the Minister of State at the Energy Ministry, Herbert Krapa, on August 16, who stated that the government has restructured legacy debt owed to IPPs, addressing a major concern that threatened their operations.
According to Herbert Krapa, the renegotiation of these debts positions Ghana for success.
However, Dr Apetorgbor asserts that negotiations have not been concluded, emphasising the need for the ministers to ensure accuracy in the information disseminated to the public.
He expressed concerns about significant repercussions for misleading statements about the status of the negotiations, which also risk jeopardising Ghana’s credibility and business relationships with key stakeholders.
Dr Apetorgbor called on the ministers to “refrain from making any further public comments on this matter until a definitive agreement has been reached and all parties are duly informed.”
A major hurdle remains in the government’s negotiations with IPPs to restructure their debt.
As of June, 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 government’s haircut proposal.
Read below the statement by Dr. Elikplim Kwabla Apetorgbor
FOR IMMEDIATE RELEASE
August 18, 2024
No agreement reached with the Independent Power Producers (IPPs)
I refer to pronouncements by the Minister for Finance and Minister of State at the Ministry of Energy suggesting that an agreement has been reached with IPPs is inaccurate. Let me categorically state that no such agreement has been reached at this time.
While negotiations have not been concluded, it is crucial to ensure accuracy in the information disseminated to the public. Misleading statements about the status of the negotiations have significant repercussions, including pressures and demands from our principals. It also risks jeopardizing our credibility and business relationships with key stakeholders.
Therefore, I strongly urge the Minister for Finance and the Minister of State at the Ministry of Energy to refrain from making any further public comments on this matter until a definitive agreement has been reached and all parties are duly informed.
We remain committed to finding a sustainable solution to the debt owed IPPs, and once an agreement has been finalized, we will ensure that the public is duly informed.
Thank you.
Dr. Elikplim Kwabla Apetorgbor
CEO, Independent Power Generators, Ghana
