Finance Minister Dr. Mohammed Amin Adam has condemned Sunon Asogli Power Plant Limited’s decision to shut down operations over a USD 259 million debt owed by the Electricity Company of Ghana (ECG), describing the move as an act of “bad faith.”
The shutdown of the 560-megawatt plant has sparked public concerns about a potential return of ‘dumsor’—the persistent power outages that previously affected Ghana, which could have serious economic repercussions.
Speaking to the media after the Annual IMF-World Bank Meetings in Washington, D.C., Dr. Amin Adam reassured the public that a resolution is imminent. Final negotiations to settle the debt are underway, with an agreement anticipated within days to prevent further disruptions in Ghana’s power supply.
Dr. Amin Adam elaborated on the negotiations with Sunon Asogli, revealing that the Ministry of Finance recently made a one-time payment to Independent Power Producers (IPPs), including a USD 30 million installment to Asogli. ECG, responsible for leading the debt negotiations, initially reached a settlement with this amount. However, Asogli later requested an additional USD 30 million, which was outside the agreed terms.
The Finance Minister clarified that while the government is willing to finalize the debt settlement, it requires Asogli to sign the settlement agreement before any additional payments are made.
“Asogli submitted the final agreement for review, which we approved except for one issue that led to the shutdown. Although we paid Asogli USD 30 million, they subsequently requested another USD 30 million, which we did not agree to,” Dr. Amin Adam stated. He explained that Asogli’s refusal to sign the agreement before receiving further payments remains a sticking point.
He added, “If it’s part of the settlement, why implement an unsigned agreement?”
Dr. Amin Adam expressed disappointment with Asogli’s ultimatum, remarking, “It implies we, as a country, don’t understand our rights. With elections nearing, it seems some believe that by putting pressure on the government, they can push through their demands.”
