Chamber of IPPs cancels US$600 million energy debt owed by government

Chamber of IPPS commends Energy Minister for resolving some energy challenges

Government urged to interfere in structure of revenue disbursement and allocation

IPPS Chamber deserves commendation for cancelling debts, CEO

The Chamber of Independent Power Producers, Distributors and Bulk Consumers has cancelled energy debts via “accounting set offs” owed by government amounting to US$600 million.

In a statement issued the Chamber, it said, “These settlements, as announced by the Deputy Minister of Energy, William Owuraku Aidoo, on the floor of Parliament during a question time yesterday, Thursday, 24th February, 2022 came as a result of some debt forgiveness and cancellations via accounting set offs, amounting to over $600million, which we think the IPPs deserve public commendation for.”

Chief Executive of the Chamber, Elikplim Kwabla Apetorgbor speaking to JoyBusiness said, “These settlements did not come only as a financial settlement. It involves forgiveness of debt and cancellation through accounting set off which amounted to over $600 million; and I think that the IPPs deserve public commendation for that kindness.”

The Chamber has also commended the Energy Minister, Dr. Matthew Opoku Prempeh, for his role in ensuring that some major issues in the energy sector are resolved.

“I must commend the Energy Minister for the good leadership and for creating a good working relationship between the IPPs and the Ministry of Energy to have issues discussed from a business perspective and with wisdom that has yielded this result”.

They have also cautioned the Ministry of Energy against any interference in the current structure of revenue disbursement and allocation to the IPPs.

“Going forward, we do not expect interference in the current structure of revenue disbursement and allocation.”