The government is set to secure $1.1 billion in 2025 to settle outstanding debts owed to ENI for gas supply, covering monthly invoices, letter of credit (LC) replenishments, and overdue arrears.
This financial obligation was disclosed during a crucial meeting involving Finance Minister Dr. Cassiel Ato Forson, Energy Minister John Abdulai Jinapor, and representatives from ENI.
Despite mounting financial pressures within the energy sector, the government has assured stakeholders of its commitment to maintaining a stable gas supply. Dr. Forson attributed the significant debt burden to obligations left unpaid by the previous administration, forcing the current government to clear arrears while keeping up with new payments.
“Our monthly energy costs stand at 2.5 billion cedis, with fuel and power generation alone consuming 1.9 billion cedis. Yet, ECG collects just 1.3 billion cedis, leaving a gaping shortfall of 1.2 billion cedis every month,” he explained.
To find a sustainable solution, the Ghana National Petroleum Corporation (GNPC), the Energy Ministry, and the Finance Ministry are set to conduct a comprehensive review of the energy sector this week. This assessment will evaluate liabilities and map out a strategy to address the sector’s financial challenges.
Although Dr. Forson expressed frustration over the inherited debts, he reassured Ghanaians that the government remains determined to stabilize the sector, clear the arrears, and sustain a reliable energy supply.
“The burden is heavy, but we will not shy away from our responsibilities. However, Ghanaians must understand that the cost of past missteps is being felt now—we are all paying for them,” he emphasized.
