Accra, Jan 12, GNA – The Government has paid a total of US$1.470bn to settle the crippling energy sector debts within the 2025 fiscal year and also restored World Bank guarantee for sector, a statement issued by the Ministry of Finance on Monday said.
Government fully repaid US$597.15 million, inclusive of interest, drawn on the World Bank Guarantee.
Again, it settled all outstanding gas invoices, adding up to US$480 million owed to ENI and Vitol for electricity generation.
Also, Government paid approximately US$393 million in legacy IPP debts, further anchoring the gains made in restoring stability to the sector.
The statement noted, “When President Mahama assumed office in January 2025, the energy sector had been pushed to the brink by years of persistent non-payment for gas supplied to the power sector from the Offshore Cape Three Points (OCTP) field. As a result, the World Bank Partial Risk Guarantee of US$500 million had been completely depleted under the previous administration.”
It said, “Beyond clearing inherited arrears, and through disciplined implementation of the Cash Waterfall Mechanism by the Ministry of Energy, Government has remained current on largely all IPP invoices for 2025 and is firmly committed to further improving payment performance across all IPP obligations going forward.”
More soon.
GNA