Independent Power Producers Reject government Bid To Restructure $1.58bn Debt

Justice Gertrude Torkornoo has been recommended for approval as Chief Justice by a Majority decision of the Appointments Committee of Parliament.

This was after her vetting on Friday by the committee.

The Minority side in Parliament on the committee wanted the decision on her approval to be deferred.

“We will continue with the engagement with the individual IPPs in a transparent and pragmatic manner and threats of shutdown when you are in negotiations cannot be accepted at this stage.”

Amin said the government would continue making all efforts to restructure the debt.

The IMF has blamed shortfalls in Ghana’s energy sector on factors including low tariffs and excess capacity amid take-or-pay contracts, which it said had cost the central government some 2% of GDP per year since 2019.

On May 17, the oil, gold and cocoa-producing nation raised the electricity tariff by 18.36% for the second quarter of 2023 after hiking it by almost 30% in the first quarter.

The nation’s utilities regulator has said that tariffs will now be adjusted quarterly.