Tag: debts
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ECG settles June, July payments to IPPs
Citi Business News has gathered that the Electricity Company of Ghana (ECG) has settled debts to all Independent Power Producers (IPPs) for the months of June and July after earlier concerns expressed by the power generation companies. Sources close to Citi Business News confirm that all the IPPs have received a second payment for current…
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IPPs considering shut down of plants as govt fails to settle $2bn debt
The Independent Power Producers (IPPs) in Ghana are facing an imminent crisis as they contemplate shutting down their power plants in the coming days if the government fails to settle their debt, which now stands at over $2 billion. The IPPs had initially decided against shutting down their plants following discussions with the Electricity Company…
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Govt’s indebtedness to IPPs increases to US$ 2.3 billion; prompts emergency meeting
The government’s inability to pay arrears owed Independent Power Producers (IPPs) despite assurances has forced the producers to convene an emergency meeting because the debt has risen from US$ 2 billion to about US$ 2.3 billion. The meeting is set to take place tomorrow, Thursday, July 27, 2023. The IPPs halted their planned shutdown of…
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ECG working to disburse cash to IPPs by end of week
The Electricity Company of Ghana (ECG) is confident of settling debts Independent Power Producers (IPPs) by end of this week to avert any disruptions in electricity supply. Despite government’s indebtedness to the power generation companies the ECG and IPPs have reached a unique payment agreement promoting the latter to suspend its plans to cut power…
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Gov’t hasn’t increased Ghana’s debts – Yaw Osafo Maafo
Senior Minister, Yaw Osafo Maafo has justified government’s issue of bonds to restructure the country’s debts. The NPP government’s bonds issue have been viewed by some as repeating the very concerns the party raised during the campaign season in 2016. The running mate at the time, Dr. Mahamudu Bawumia criticized the NDC for increasing the…