Sunon Asogli reports non-receipt of promised $30M amid energy debt crisis

Independent Power Producer (IPP) Sunon Asogli Power Ghana Limited has disclosed that it has yet to receive any portion of a $30 million payment promised by the Ministry of Finance, despite prior assurances from the government.

This revelation follows the recent shutdown of Sunon Asogli’s 560MW power plant, driven by an accumulated debt of $259 million owed by the Electricity Company

Read full article.of Ghana (ECG).

Dr. Elikplim Apetorgbor, Sunon Asogli’s Business Development Manager, spoke to Citi Business News, explaining that efforts to settle the debt in installments have yet to yield any concrete payments.

He noted that the Controller and Accountant General’s Department (CAGD) notified Sunon Asogli in early October that the Ministry of Finance had authorized a $30 million payment, to be disbursed in five or six tranches. However, as of November, none of these installments have been paid.

"The assurance was that one tranche would be released within the first week of October, during the government’s salary payment cycle, with the remaining installments to follow before the month’s end. Yet here we are in November, and not a single tranche has been received," Apetorgbor stated.

He criticized the Ministry of Finance, cautioning that it has become a "propaganda office" and advised the public to double-check any information it shares.

Ghana’s energy sector continues to face severe debt challenges, affecting various IPPs that supply electricity to the national grid. Stakeholders in the sector are calling for increased transparency and prompt payments to ensure a stable energy supply and avert potential future shutdowns.