USD$400 million 'savings' inaccurate and misleading

Recent discussions surrounding a statement of claim attributed to H.E the President during SONA referenced a reduction in the debt owed to Independent Power Producers (IPPs) from 1.6 billion USD to 1.2 billion USD.

It has been suggested that this reduction was a result of reconciliations.

We wish to clarify this point for the benefit of the public.

It is crucial to understand that the USD 400 million reduction in the reported debt of ECG from 1.6 billion USD to 1.2 billion USD is inaccurate and misleading.

The close to USD$400m so-called savings represent the sum of bulk payments made by the Ministry of Finance to the individual IPPs to defray part of the debt owed and to keep them afloat to guarantee power supply under the very challenging circumstances.

We are very meticulous and up to the task with our accounting and there is no way a simple reconciliation would decimate our receivables into 'savings' as suggested.

Dr. Elikplim Kwabla Apetorgbor
CEO, IPGG