The Chief Executive Officer of the Chamber of Independent Power Generators, Ghana (IPPS), Dr. Elikplim Kwabla Apetorgbor, has dismissed the Minister of Finance, Dr. Mohammed Amin Adam’s assertion that the IPPs has agreed to a haircut after six years of negotiation with the Government of Ghana.

According to him, the Minister’s statement is misleading and inaccurate.

In a statement copied to Joy Business, he said, the last engagement of some IPPs with the Government of Ghana's negotiating team occurred in April 2024, and since then, no agreement on any terms has been reached.

“It has come to our attention that the Minister of Finance has made public statements indicating that a deal has been reached with Independent Power Producers (IPPs) regarding debt restructuring. We must categorically state that this assertion is misleading and inaccurate”.

“The last engagement with some of the IPPs and the Government of Ghana's negotiating team occurred in April [2024] and since then, no agreement on any terms has been reached. The posture and generalisation that the government has secured a debt restructuring agreement with the IPPs are misleading and amount to public deception”, he added.

“We urge the Minister of Finance to refrain from making such inaccurate statements and to engage in transparent and honest communications”, he pointed out.

He concluded that the IPPs remain committed to constructive dialogue and finding a mutually beneficial resolution to the ongoing discussions.

Joy Business understands that only two IPPs, CenPower and Amandi accepted the government’s proposal to restructure the IPPs' debt.

The rest, Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy and AKSA rejected the haircut proposal by the Government of Ghana

The Finance Minister in a statement in London said the IPPs agreement includes accepting a reduction in their claims (haircut), allowing the government to spread payment over five years.

“The negotiations have been going on for six years, and I am happy to announce that last week, l closed the negotiations with the IPPs," he revealed.