Dr Mohammed Amin Adam, Ghana’s Minister of Finance, has highlighted that the current parliamentary impasse is causing delays in the debt restructuring agreement with some Independent Power Producers (IPPs). During the Ministry of Finance’s monthly economic briefing, he explained that while agreements with some IPPs, such as AKSA, Asogli, and Zenit, are either signed or close to being finalized, the deals with two other power producers—Cen Power and Amandi—have stalled. This is due to the need for parliamentary approval of these two companies’ power purchase agreements (PPAs).
Dr Amin Adam emphasized that the parliamentary delay affects critical government business, as the stalled PPAs require parliamentary approval to move forward. He also mentioned that while significant progress has been made with other IPPs, the main roadblock is the inability to secure approval for Cen Power and Amandi. Dr. Mohammed Amin Adam further emphasized that the two power purchase agreements (PPAs) with Cen Power and Amandi remain unresolved due to the parliamentary impasse. He pointed out that until parliament reconvenes and approves these agreements, they will remain outstanding. The parliamentary deadlock was triggered after the Majority in Parliament filed a suit protesting the Speaker’s decision to declare four seats vacant.
Despite the ongoing delay in parliamentary approval, Dr Amin Adam reassured th at the government has fulfilled its obligations. He stressed that the government has met its side of the bargain in the debt restructuring process, even though the necessary parliamentary approvals are still pending for the two specific IPP agreements.
Dr. Mohammed Amin Adam reiterated the government’s strong commitment to completing the debt restructuring agreement, stating, “We have done everything, we haven’t missed a dollar.” He assured that the government has fully honoured its obligations in the agreement, emphasizing that while they are waiting for parliament to approve the restructuring power purchase agreements (PPAs), the government has been diligent in fulfilling its responsibilities.
The agreement with the Independent Power Producers (IPPs) is particularly significant, as the IPPs had previously threatened to shut down due to outstanding debts. However, the current political situation in parliament, with the adjournment and the ongoing legal dispute over the Speaker’s ruling, is hindering the progress of the agreement. Despite this, Dr. Amin Adam expressed confidence that the government has been “very religious” in meeting its obligations while awaiting parliamentary approval.
Dr. Mohammed Amin Adam, Ghana’s Minister of Finance, has emphasized the government’s unwavering commitment to fulfilling its obligations in the debt restructuring agreement with the Independent Power Producers (IPPs). He assured that the government has “done everything” required and has not missed any payments, highlighting that it has met its responsibilities in the agreement.
The debt restructuring deal is crucial as the IPPs had previously threatened to shut down due to unpaid debts, which could have led to significant energy challenges. However, the progress of this agreement is currently stalled because parliamentary approval is still pending for the restructuring power purchase agreements (PPAs) with two IPPs—Cen Power and Amandi. These agreements require parliamentary approval, but the situation in parliament, including its indefinite adjournment due to legal disputes over the Speaker’s ruling, has delayed the process.
Despite the ongoing parliamentary impasse, Dr Amin Adam remains confident that the government has met its obligations, saying it has been “very religious” in upholding its side of the deal while awaiting the necessary approval from parliament.
