Ghana power producers call off shutdown: Ghana’s independent power producers (IPPs) have successfully averted an imminent shutdown, originally slated for July 1.
After extensive negotiations, the IPPs have reached an interim agreement with the state-run Electricity Company of Ghana to address the substantial arrears owed to them. This development follows the IPPs’ rejection of a government proposal in late May, which aimed to restructure the $1.58 billion debt owed by the state.
Recognizing the urgency of the situation, the IPPs issued a warning that power outages could be expected from July onward unless they received an interim payment covering 30% of the outstanding arrears.
However, all parties involved have now arrived at a new agreement, offering the power producers an interim payment. This arrangement entails a grace period during which the government and the Electricity Company of Ghana will work diligently to achieve a permanent resolution for the debt issue at hand.
The IPPs emphasize that should a satisfactory resolution fail to materialize, they will have no choice but to proceed with their original plan to shut down operations, adhering to their prior announcement and providing no further notice.
