Tag: energy sector
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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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IMF conditionalities not preventing energy sector leakages – ACEP
The Africa Centre for Energy Policy (ACEP) has disclosed that the conditionalities of the International Monetary Fund are not helping curb the revenue leakages in the country’s energy sector. In a report dubbed, ‘Protecting Ghana’s Economic Sustainability in the Face of Power Sector Risks,’ the energy think tank said the already implemented conditionalities are not…
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Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep
Pierre Frank Laporte, the World Bank (WB) Country Director to Ghana, says Ghana’s energy sector debt is a major contributor to the country’s debt woes. In an interview monitored by GNA, the country director indicated that his outfit had identified certain factors that were driving the country’s debt situations. According to Mr Laporte, one of…
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Ghanaians urged to assume leading roles in energy sector to boost local content
Energy Minister, Dr. Matthew Opoku Prempeh has reiterated calls for Ghanaians to assume leading roles in the various sub-sectors under the country’s energy sector. According to him, the practice of expatriates being awarded huge contracts due to the lack of skills and technical know-how among Ghanaians must be addressed. To achieve this, he believes more…
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IPPs disappointed over silence on $1.4bn debt in Mid-year budget
The Chamber of Independent Power Producers and Bulk Consumers has expressed disappointment over government’s failure to address the debt of about USD$1.4 billion owed them in the Mid-year budget. According to them, although the power sector has mane challenges, the Finance Minister, Ken Ofori-Atta, during the reading of the Mid-year budget review on Thursday, 23…
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Avoid debt accumulation in energy sector – IES urges Gov’t
The Institute of Energy Security, IES, has advised government to take steps to ensure that it does not accumulate debt in the energy sector. The Institute says it is important for government to adhere to its own guidelines in order not to repeat that situation. The comments come after the Energy Ministry announced that government…
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Energy Relief Package won’t worsen energy sector debt – Energy Ministry
The Energy Relief Package announced by government to offer some relief to Ghanaians following the economic challenges caused by the outbreak of the novel Coronavirus will not affect the country’s energy sector debt. That’s according to the Head of Communications at the Ministry of Energy, Nana Kofi Oppong Damoah. Government has announced a complete waiver…
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Ongoing energy sector projects to interrupt power supply occasionally – MiDA
As the Ghana-US power compact agreement comes to an end in 18 months’ time, the entity set up by government to supervise the deal, the Millennium Development Authority-MiDA, says the availability of 308 million dollars and 23 million dollars counterpart funds from government, will see to an investment in infrastructure and business-related projects. Speaking to…
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Prioritize renegotiation of take or pay contracts– Energy Expert to new Committee
Energy sector analyst and Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE) Ishmael Edjekumhene says it is critical that the newly established Energy Sector Recovery Programme Steering Committee negotiates a change of the existing take or pay contracts in the energy sector. According to him, when this is done, it will…
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Removing take or pay clauses may result in judgement debts – Analyst
The government risks being slapped with judgment debts if producers of fuel and power fail to comply with terms of proposals to cancel take or pay clauses in the energy sector. That is the comment from Executive Director of the Kumasi Institute of Technology, Energy and Environment (KITE), Ishmael Edjekumhene. It follows the disclosure by…