$2bn debt: ECG settles June, July payments to IPPs

Citi News has gathered that the Electricity Company of Ghana (ECG) has settled debts to all Independent Power Producers (IPPs) for the months of June and July after earlier concerns expressed by the power generation companies.

Sources close to Citi News confirm that all the IPPs have received a second payment for current bills from June directly from the ECG.

The Chamber of Independent Power Producers had previously issued warnings of potential nationwide power cuts in response to the overdue payments.

However, these threats were put on hold following productive discussions between the Chamber and the ECG.

The IPPs were pushing for a 30 percent interim payment of the debts, which had ballooned to over $2 billion.

However, the information available to Citi News suggests that invoices for the debts have been received by the IPPs with the ECG promising to be current with the payment going forward.