The Finance Minister, Dr Mohammed Amin Adam has revealed that the government has reached an agreement with five out of the seven Independent Power Producers (IPPs) over debt settlement.

This was after a Government Negotiating Team (GNT) was mandated to restructure legacy debt owed to the IPPs, namely AKSA, Amandi, CENIT, Cenpower, Karpowership, Early Power and Sunon Asogli.

The Minister explained that out of the seven, the government was able to reach commercial agreements on headline debt restructuring terms and renegotiated PPA terms with Amandi, Cenpower, Early Power, CENIT and AKSA.

The clarification follows comments by the Chief Executive of the Chamber of Independent Power Generators, Dr Elikplim Kwabla Apetorgbor that the Independent Power Producers (IPPs) have not agreed to a haircut with the government.

According to Dr Elikplim Kwabla Apetorgbor, the Minister of Finance, Dr Mohammed Amin Adam’s statements on the matter are misleading and inaccurate.

“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.

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“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.

The CEO further urged “the Minister of Finance to refrain from making such inaccurate statements and to engage in transparent and honest communications”.

But addressing the press today, Monday, Dr Mohammed Amin Adam insisted that an agreement has been reached.

He, however, stressed that “the amended Amandi, Cenpower and Early Power documentation will require parliamentary approval, and the GNT is pursuing an aggressive timeline aimed at securing various regulatory, ministerial and other approvals prior to the presentation of the amended documentation to parliament for approval before Parliament rises at the end of July 2024”.

The Minister added that work on closing and “execution of the Sunon Asogli restructuring package/documentation is also in progress.”