{"id":8721,"date":"2024-10-28T12:43:09","date_gmt":"2024-10-28T12:43:09","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=8721"},"modified":"2024-10-28T12:43:12","modified_gmt":"2024-10-28T12:43:12","slug":"sunon-asogli-acted-in-bad-faith-over-shutdown-due-to-ecg-debt-finance-minister","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=8721","title":{"rendered":"Sunon Asogli acted in bad faith over shutdown due to ECG debt \u2013 Finance Minister."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The Finance Minister has criticised Sunon Asogli Power for what he described as \u201cbad faith\u201d in the company\u2019s decision to halt operations over a $259 million debt owed by the Electricity Company of Ghana (ECG).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Mohammed Amin Adam explained that government was in the process of negotiating an agreement to clear the debts when Sunon Asogli changed its stance on the payment terms, complicating the process.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe were working on an agreement to address the debt, but Sunon Asogli later revised their demands on payment terms, making it difficult for us to proceed,\u201d the Finance Minister stated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Mohammed Amin Adam shared that during an initial payment round to independent power producers, the Ministry of Finance allocated $30 million to Sunon Asogli.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Later, the company requested an additional $30 million, but the ministry did not agree to this request at the time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During further negotiations, ECG proposed adding the additional $30 million as part of the settlement, but Sunon Asogli refused to sign the agreement until payment was made.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThey insisted we pay first before they would sign,\u201d Dr. Amin explained.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ose-youtube ose-uid-c721805f6c55a9f7ea1087e56c33394e ose-embedpress-responsive\" style=\"width:400px; height:400px; max-height:400px; max-width:100%; display:inline-block;\" data-embed-type=\"Youtube\"><iframe loading=\"lazy\" allowFullScreen=\"true\" width=\"400\" height=\"400\" src=\"https:\/\/www.youtube.com\/embed\/iS8khrbduoo?feature=oembed&color=red&rel=0&controls=1&start=&end=&fs=0&iv_load_policy=0&autoplay=0&mute=0&modestbranding=0&cc_load_policy=1&playsinline=1\" frameborder=\"0\" allow=\"accelerometer; encrypted-media;accelerometer;autoplay;clipboard-write;gyroscope;picture-in-picture clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen referrerpolicy=\"origin\"><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cLater, they demanded $60 million, threatening to shut down if this amount wasn\u2019t paid.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Finance Minister described the move as unfair and urged caution, stating, \u201cWe shouldn\u2019t feel pressured just because it\u2019s an election year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;People sometimes act as if Ghana doesn\u2019t know its rights, especially as we approach elections.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Debt Restructuring for Independent Power Producers<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Finance Minister announced that Sunon Asogli Power has now agreed to sign a settlement agreement concerning debt restructuring for independent power producers (IPPs). He highlighted the government\u2019s significant progress in restructuring debts owed to IPPs, including Karpower, CENIT Energy, Sunon Asogli, and Aksa, adding that two IPPs\u2014CENIT and Aksa\u2014have already reached agreements on debt restructuring.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Background on Sunon Asogli\u2019s Shutdown<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On October 16, Sunon Asogli Power announced a shutdown due to ECG\u2019s outstanding debt of $259 million. The company stated that it had not invoiced ECG for idle capacity charges like other IPPs, but its debt had grown by 23% between January and September 2024, with only 22.6% of invoices paid during this period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Impact on Ghana\u2019s Power Supply<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Finance Minister assured the public that the shutdown did not impact Ghana\u2019s power supply due to the country\u2019s strong reserve position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cGhana has multiple power plants generating electricity, and despite the shutdown, we didn\u2019t face a crisis,\u201d Dr Amin noted, adding that the country maintains a surplus in power supply.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance Minister has criticised Sunon Asogli Power for what he described as \u201cbad faith\u201d in the company\u2019s decision to halt operations over a $259 million debt owed by the Electricity Company of Ghana (ECG). Dr Mohammed Amin Adam explained that government was in the process of negotiating an agreement to clear the debts when [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[41],"tags":[1711,2849],"class_list":["post-8721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-electricity-company-of-ghana","tag-sunon"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8721"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8721\/revisions"}],"predecessor-version":[{"id":8723,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8721\/revisions\/8723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/8722"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}