The Ranking Member on Parliament's Mines and Energy Committee, John Jinapor, has expressed doubt regarding the Finance Minister's assertion that the government has reached an agreement with five Independent Power Producers (IPPs) concerning debt settlement.

The Finance Minister, Dr Mohammed Amin Adam revealed that the government has reached an agreement with five out of the seven Independent Power Producers (IPPs) over debt settlement.

They are; Amandi, Cenpower, Early Power, CENIT and AKSA.

He, however, stressed that "the amended Amandi, Cenpower and Early Power documentation will require parliamentary approval, and the GNT is pursuing an aggressive timeline aimed at securing various regulatory, ministerial and other approvals prior to the presentation of the amended documentation to parliament for approval before Parliament rises at the end of July 2024."

However reacting to this in an interview on Joy FM’s Newsnite on Monday, July 1, Mr Jinapor challenged the Finance Minister to put out details of the agreement with the IPPs.

• Read also: We’ve reached an agreement with 5 IPPs on debt restructuring – Finance Minister

“… The Minister is saying that they are now going for regulatory approval, ministerial approval and government approval, so which government has reached an agreement with the IPPs? And now that same government is going to a minister, government for approval? It tells you that it is not done yet. It is just a hasty way of trying to put out information.

“The minister should put out the details. If they’ve reached an agreement, what is the haircut?, what was the percentage and amount?” he asked.

He described the said agreement as a “charade”, indicating that “it is just an attempt to push the obligation to another government.”

The Kasei Kusawgu MP also rejected the positive claims about the deal as projected by the Finance Minister.

“First of all, we have finished with AKSA, it has exhausted its contract, the major ones - Karpower and Sunon Asogli, you are unable to agree with them. So when you drill down what the minister is saying, it is nothing but a PR gimmick aimed at fulfilling an IMF conditionality,” he added.