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Independent Power Producers reject government bid to restructure $1.58bn debt
Independent power producers have rejected a government proposal to restructure $1.58 billion in arrears owed them by the state, the head of the group told Reuters on Friday, warning non-payment could lead to a shutdown of their operations.
Ghana aims to cut $10.5 billion in interest payments on its external debt in three years to be able to successfully implement a $3 billion loan deal from the International Monetary Fund (IMF) aimed at addressing its worst economic crisis in a generation.
Elikplim Kwabla Apetorgbor, head of the Independent Power Producers (IPP) Chamber, said the restructuring proposal had been “corporately and individually rejected”.
Apetorgbor said the producers, which account for over 65% of available thermal power, were unwilling to make concessions and were also almost on the verge of switching off their plants.
Minister of State at the Finance Ministry, Mohammed Amin Adam, said the decision was unfortunate.
“We will continue with the engagement with the individual IPPs in a transparent and pragmatic manner and threats of shutdown when you are in negotiations cannot be accepted at this stage.”
Amin said the government would continue making all efforts to restructure the debt.
The IMF has blamed shortfalls in Ghana’s energy sector on factors including low tariffs and excess capacity amid take-or-pay contracts, which it said had cost the central government some 2% of GDP per year since 2019.
On May 17, the oil, gold and cocoa-producing nation raised the electricity tariff by 18.36% for the second quarter of 2023 after hiking it by almost 30% in the first quarter.
The nation’s utilities regulator has said that tariffs will now be adjusted quarterly.
Source: www.myjoyonline.com
The Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
Ghana Tourism Authority is leading Ghana’s participation at ITB Berlin, which opened in Berlin with a vibrant national pavilion highlighting Ghana’s rich cultural heritage, tourism destinations and investment opportunities.
March 5 has been designated as Ghana Day, a special platform to promote Ghana’s languages, cuisine, Kente, festivals and business prospects to the global tourism community. The stand has already drawn strong interest with traditional arts and crafts displays, immersive multimedia presentations and popular Ghanaian snacks.
Seven private-sector players are exhibiting alongside government officials as part of efforts to deepen trade partnerships, expand market access, and attract investment across the hospitality, heritage tourism, ecotourism, and creative arts sectors.
Ahead of the official opening, the Ghana delegation also engaged young Ghanaian investors in Germany in collaboration with V Afrika-Verein and the Ghana Embassy, strengthening diaspora investment linkages and highlighting opportunities within the tourism value chain.
Ghana’s coordinated presence at ITB Berlin 2026 reinforces its strategy to position the country as the Gateway to Africa and a competitive destination for leisure travel and global investment.
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