Authorities must mobilize $1.1 billion in 2025 to settle funds owed to ENI for gasoline provide, together with month-to-month invoices, Letter of Credit score (LC) replenishments, and excellent arrears.
This monetary obligation was disclosed throughout a gathering between Finance Minister Dr Cassiel Ato Forson, Power Minister John Jinapor, and officers from ENI, the place authorities reaffirmed its dedication to making sure a gentle gasoline provide regardless of the rising monetary pressure on the vitality sector.
In line with the Finance Minister, the massive debt burden is partly as a result of failure of the earlier authorities to satisfy its obligations, leaving the present administration with no alternative however to clear excellent arrears whereas maintaining with new funds.
“Our month-to-month vitality prices stand at GH¢2.5 billion, with gasoline and energy technology alone consuming 1.9 billion. But, ECG collects simply GH¢1.3 billion, leaving a gaping shortfall of GH¢1.2 billion each month,” Dr Forson acknowledged.
To deal with the scenario, the GNPC, Power Ministry, and Finance Ministry will conduct a full evaluate of the vitality sector this week to evaluate liabilities and decide a sustainable path ahead.
Dr Forson expressed frustration over the inherited debt however assured that the federal government stays dedicated to stabilizing the sector, clearing arrears, and making certain a dependable vitality provide.
“The burden is heavy, however we won’t draw back from our obligations. Nonetheless, Ghanaians should perceive that the price of previous missteps is being felt now—we’re all paying for them,” he stated.
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