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Finance Minister, Dr. Mohammed Amin Adam, has said government has paid US$400 million to some Independent Power Producers (IPPs).

The payment is part of the agreement reached between the government and five out of the seven IPPs over the debt settlement.

At a media brief with journalists Monday, July 01, 2024, the Minister assured that the IPPs will no more shut down their plants due to the agreement.

The agreement will also help curb the imminent power outages also known as ‘dumsor‘ that would have come as a result of the shutting down of the plants.

“We have reached an agreement with Aksa Energy, Amandi Energy, Cenit Energy, Cenpower Generations and Early Power,” he said.

He added that “we have seven IPPs and we have reached an agreement with five, which is very positive for our country.

“It tells us that the threats of shutting down power plants will be a thing of the past because we are committed to implementing the terms of this agreement. we already have started performing on our side and to date government has paid in excess of 400 million dollars to all IPPs as part of our performance of the agreement that we just reached.”

The comments follow the completion of the IMF Executive Board’s second review of Ghana’s US$3 billion, 36-month Extended Credit Facility (ECF) Arrangement.

Approved back in May 2023, this review was a critical checkpoint for the country.

The completion of this review meant an immediate disbursement of roughly $360 million, bringing Ghana’s total disbursements under the arrangement to about $1.6 billion.

The Finance Minister confirmed that the third tranche of the IMF’s 360 million dollar release is expected to hit Ghana’s account today, Monday, July 1, 2024. According to the IMF, Ghana’s performance under the programme has been generally strong.

Ghanaians should praise Akufo-Addo for taking us to IMF – Nana Akomea