IPPs Notify Finance Ministry To Cut Power Supply By July 1

The Independent Power Producers (IPPs) have reminded Finance Minister, Ken Ofori-Atta, of their intention to cut power supply to the national grid from July 1, 2023.

This was after an emergency meeting held on Tuesday, June 20, 2023.

According to the Chamber of Independent Power Producers, calls on the government to pay the IPPs an interim payment of 30% of the outstanding arrears of each IPP by June 20, 2023, has fallen on deaf ears.

“We refer to our letters dated March 27, 2023 and May 25, 2023 with reference number IPGG/1/2023 and IPGG/2/2023 addressed to the Minister [Finance] by which the IPP Chamber stressed the urgent necessity for the government to prioritise payment of the outstanding arrears owed to members of the IPP Chamber to enable the IPPs to cover critical operational costs required to continue operations and pay overdue debt service”, it disclosed in a statement to the Finance Minister.

“We had indicated in our letters that IPPs needed to receive an interim payment of 30% of the outstanding arrears of each IPP by 20th June 2023. Unfortunately, we have not seen any good faith indication or commitment of such impending payment from ECG/Government as of today, June 21, 2023, despite the Electricity Company of Ghana’s recent collection efforts, as reported in the media, which yielded circa ¢3.1 billion, it added.

The statement added that members of the IPP Chamber are now at a point where they are unable to persuade their creditors, contractors, contractors, and other key stakeholders to further defer payments owed to them and to continue operations.

It urged the government and the Electricity Company of Ghana and other stakeholders to treat this reminder with the urgency it deserves and take the steps necessary to obviate such a situation.

 

Read the full statement released by Independent Power Producers  bellow :

 

 

 

 

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