In order to stabilize Ghana’s energy industry, President John Dramani Mahama has reiterated his government’s determination to pay down the severe debt load, which he claims has grown to GH¢80 billion.
The President bemoaned the sector’s condition upon his return to office, calling it “severely distressed,” while speaking at the Africa CEO Summit in Abidjan, Côte d’Ivoire.
When it comes to priorities, the energy sector has taken precedence. We encountered a dysfunctional energy industry on my second visit, with about 2.5 billion in arrears owed to gas providers, Independent Power Producers, and everyone else,” he stated.
Although the difficulties started during the previous administration, President Mahama recognized that his government is still working to restructure and pay off the debts.
“And so what the previous [government] started, we are continuing. We have been trying to renegotiate the debt and see how we can ring fence it. We have some strategies for dealing with it,” he explained.
He promised that tangible steps are being made with a defined timeframe for outcomes to alleviate the sector’s financial strains.
“By the end of the year, early next year, we should be able to make everybody happy in terms of dealing with that debt,” he added.
He promised that tangible steps are being made with a defined timeframe for outcomes to alleviate the sector’s financial strains.
