Government is on course to save about US$300 million from the debt restructuring agreement with the Independent Power Producers (IPPs).

This milestone significantly reduces the debt owed IPPs by 20% to reach US$1.2 billion from the initial US$1.5 billion.

This was disclosed by Ben Boakye, a key member of the board tasked to mediate the negotiations with the IPPs.

He made the announcement at the Future of Energy Conference organised by the Africa Centre for Energy Policy, (ACEP) on August 26, 2025.

"It’s work in progress and we appreciate government's effort to engage multiple stakeholders to find solutions to the problems of the energy sector to clean up of the energy sector in general”, he said.

He revealed that the IPPs have demonstrated good faith, collaborating with key stakeholders in the negotiations.

“I must say that the IPPs have been very magnanimous to give us some haircut. We are looking to save about $300 million on the debt and also over a billion dollars on future payments and also at this point we are close to $200 million I suppose." He said.

Mr. Boakye is optimistic of fruitful negotiations as the process continues. He also stated that the ongoing process could extend the repayment period to 4 to 5 years, freeing up some fiscal space for government.

"What we have done so far is to agree with the a lot of the IPPs on a structure of payment averagely 4 to 5 years to able to amortize the debt and also in return get some concession from them," he said.