{"id":68615,"date":"2024-03-13T06:05:01","date_gmt":"2024-03-13T06:05:01","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=68615"},"modified":"2024-03-13T05:17:06","modified_gmt":"2024-03-13T05:17:06","slug":"renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money","title":{"rendered":"Renegotiation of \u2018expensive\u2019 IPP deals saved Ghana significant amount of money"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Minister of State at the Finance Ministry, Abena Osei Asare, has said that the government of President Akufo-Addo has been able to save a significant amount of money through the renegotiation of some of the agreements with the Independent Power Producers (IPPs).<\/b><\/p>\n

She described those agreements signed by the erstwhile Mahama administration as \u2018expensive\u2019 deals that needed to be renegotiated.<\/p>\n

It is recalled that delivering the State of the Nation Address to Parliament on Tuesday, Febraury 27 President Nana Addo Dankwa Akufo- Addo announced that the government\u2019s negotiating team had reached commercial agreements on headline terms for the restructuring of power purchase agreements and arrears.<\/p>\n

He mentioned The affected IPPs are AKSA, Amandi, Cenpower, CENIT and Early Power, the President said, adding that the negotiating team was also finalising remaining definitive documentation of the terms.<\/p>\n

President Akufo-Addo said it was discovered during the negotiations that the reported debt of US$1.6 billion owed the IPPs was US$1.2 billion, translating into savings of US$400 million.<\/p>\n

\u201cIn the meantime, ECG has been able to secure a fixed monthly energy purchase price with all the IPPs.<\/p>\n

\u201cThis has led to a monthly payment of US$43 million, instead of US$77m, that is monthly savings of US$34 m 44 reduction in monthly payments, a far better outcome than the \u2018Take-or-Pay\u2019 system we inherited,\u201d the President said.<\/p>\n

Speaking in an interview on Monday, March 11, Madam Osei Asare said \u201cWhen the president came to parliament with the SONA, he mentioned that we have been able to renegotiate some of these expensive IPPs that the previous government entered into. we have done some renegotiations and that has resulted in 44 percent.<\/p>\n

\u201cIf you look at the quantum of the 44 percent I don\u2019t think you will be asking whether it is satisfactory enough, we have saved enough money.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Minister of State at the Finance Ministry, Abena Osei Asare, has said that the government of President Akufo-Addo has been able to save a significant amount of money through the renegotiation of some of the agreements with the Independent Power Producers (IPPs). She described those agreements signed by the erstwhile Mahama administration […]<\/p>\n","protected":false},"author":84,"featured_media":68614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-68615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nRenegotiation of \u2018expensive\u2019 IPP deals saved Ghana significant amount of money - Ghana<\/title>\n<meta name=\"description\" content=\"Minister of State at the Finance Ministry, Abena Osei Asare, has said that the government of President Akufo-Addo has ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Renegotiation of \u2018expensive\u2019 IPP deals saved Ghana significant amount of money\" \/>\n<meta property=\"og:description\" content=\"Minister of State at the Finance Ministry, Abena Osei Asare, has said that the government of President Akufo-Addo has ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-13T06:05:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/03\/sm_1710294180.474124.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"836\" \/>\n\t<meta property=\"og:image:height\" content=\"437\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Renegotiation of \u2018expensive\u2019 IPP deals saved Ghana significant amount of money\",\"datePublished\":\"2024-03-13T06:05:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\"},\"wordCount\":321,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/03\/sm_1710294180.474124.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/renegotiation-of-expensive-ipp-deals-saved-ghana-significant-amount-of-money\",\"name\":\"Renegotiation of \u2018expensive\u2019 IPP deals saved Ghana significant amount of money - 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