Expedite disbursement of IMF cash to IPPs - Dr. Apetorgbor to finance minister

The Chief Executive Officer of Independent Power Generators, Ghana, Dr. Elikplim Kwabla Apetorgbor, has called on the Minister of Finance, Dr. Mohammed Amin Adam, to expedite the disbursement of funds to the Independent Power Producers (IPPs). 

He stated that the continuous delay in the disbursement of the funds has hindered the conclusion of the prolonged re-negotiations with the IPPs regarding the settlement of legacy arrears.

This, Dr. Apetorgbor said, has become unbearable and frustrating to his members.

In a press release sighted by GhanaWeb Business, he said all financial obligations need to be settled as soon as possible to ensure a stable and reliable power supply.

"I would like to appeal to the Minister of Finance to expedite the disbursement of funds to Independent Power Producers (IPPs) as a matter of priority. Despite your announcement of the IMF cash release over a month ago, there has been no demonstrable commitment or action taken towards disbursing these funds to the IPPs. Your continuous delay is becoming unbearable and frustrating," Dr. Apetorgbor stated.

"The delay has significantly hindered the conclusion of the already prolonged re-negotiations with the IPPs regarding the settlement of legacy arrears. It is imperative to resolve these financial obligations promptly to ensure a stable and reliable power supply. The continuity and stability of our power supply depend on this crucial step," he added.

He noted that the disbursement of the funds is crucial to maintaining the trust and cooperation of the IPPs to provide a stable power supply.

The IPPs, which control about 50 percent of the country’s generation mix, highlighted that this debt has hindered their access to working capital, preventing them from financing crucial inputs such as chemicals for water treatment in thermal generators and other supplies, many of which are priced in foreign currency, primarily the US dollar.

SA/OGB