Restructuring our debts is impossible – Independent Power Generators

The Chief Executive of the Chamber of Independent Power Generators, Ghana, Elikplim Apetorgbor, Ghana, has said it is practically impossible for them to restructure their debts.

He explained that the debts the government owes them are inclusive of debts the IPGs also owe their lenders and suppliers.

The power generators had stated that the government to restructure energy debts amounting to about $2.3 billion.

“On the issue of debt restructuring, our position has been very emphatic and clear that the debt that we want to restructure is a debt that we also owe to our lenders and suppliers. If you gave us haircuts say all our outstanding debts and you say you want to give us haircuts of 30% or 40% out of it, who will pay our debt for us?”

“These are actual costs that we have incurred. The debt in question is not our savings, not our profits; So, it’s practically impossible to restructure it,” he was quoted by myjoyonline.com.

However, Apetorgbor added that they had presented an option for payment to the government.

“We have presented an option to the government that we are hoping to a fair payment plan that can make us comfortable to talk to our lenders. That restructuring or ‘haircut’ proposal won’t work. We are patiently waiting for the government to pay us our money, how it will happen, I don’t know.

“All we are looking for is our money. We’ve received some indications of some payments to be made, but we have been waiting for long, for over three months,” he added.

SSD/NOQ