Sunon Asogli Power Ghana Limited, an Independent Power Producer (IPP), reports that it has yet to receive any part of the $30 million payment pledged by the Ministry of Finance. Despite reported instructions to the Controller and Accountant General’s Department (CAGD) to release funds, no disbursement has been made.
The delay follows Sunon Asogli’s recent shutdown of its 560MW power plant due to a $259 million debt owed by the Electricity Company of Ghana (ECG). This move highlights the escalating financial strain within Ghana’s energy sector, as unresolved debt continues to disrupt power supply chains and threatens further operational halts.
Dr. Elikplim Apetorgbor, Sunon Asogli’s Business Development Manager, voiced frustration over the stalled payments, explaining that while the Finance Ministry had assured a $30 million payment, the funds have not materialized. “We received notification from the CAGD in the first week of our shutdown that the Ministry of Finance had authorized a $30 million payment. But they are facing some issues,” Apetorgbor said, noting that the initial installment was expected by the end of October, though none have been received as of early November.
The payment, according to Dr. Apetorgbor, was planned in multiple tranches to align with government salary disbursements, yet even the first tranche remains unpaid. “The payment was meant to begin during salary week, split into five or six tranches. Yet here we are in November, and not even one tranche has been delivered,” he stated.
Dr. Apetorgbor also criticized the Finance Ministry for perceived inconsistencies, urging more precise communication to avoid misleading stakeholders. “It’s regrettable that the Ministry has become an outlet for misinformation. Such a crucial office should maintain higher standards,” he added, advising the public to verify statements from the Ministry.
In response to the debt crisis, the Finance Ministry recently instructed the Controller and Accountant General to disburse the $30 million to Sunon Asogli, aiming to address issues that led to the plant’s shutdown. The move comes as fears rise of a possible return of “dumsor,” Ghana’s term for prolonged power outages, which could heavily impact the economy.
As Ghana’s energy sector grapples with growing debt, stakeholders continue to call for transparency and timely payments to IPPs to prevent future disruptions and ensure a stable power supply.
