Chief Executive Officer (CEO) of Independent Power Generators Ghana (IPGG), Dr. Elikplim Kwabla Apetorgbor has issued a stark warning about the dire state of the country’s energy landscape due to the financial struggles of Independent Power Producers (IPPs).
In a recent statement, Dr. Apetorgbor emphasised that the instability among IPPs not only threatened the sustainability of the energy sector but also posed significant risks to the economic stability and development prospects of Ghana.
He called for urgent and innovative solutions to avoid a potential power crisis that could have severe repercussions for the nation.
Dr. Apetorgbor highlighted the crucial role of IPPs as key contributors to the national grid and stressed the need for immediate action to address their financial challenges.
He credited the Managing Director of the Electricity Company of Ghana (ECG) for implementing a strategic intervention that helped avert a crisis on June 30, 2023.
“It took the ingenuity and leadership of the Managing Director of the Electricity Company of Ghana (ECG) in the last hour of June 30, 2023 to save the situation,” Mr Apetorgbor said in a statement.
The intervention involved ring-fencing $43 million monthly to support IPPs, ensuring transparent and efficient allocation of financial resources.
Dr. Apetorgbor praised this decisive action as a demonstration of effective leadership and innovation during a critical period for the energy sector.
While acknowledging the absence of clear direction and oversight from the Ministry of Energy in recent years, Dr. Apetorgbor commended the resilience and competence of the ECG’s Managing Director for stabilising the sector and preventing a potential catastrophe.
The statement by Dr. Apetorgbor serves as a call to action for stakeholders to address the underlying financial issues faced by IPPs and secure Ghana’s energy future.
See statement below:
