Government is expected to raise US$1.1 billion in 2025 to settle outstanding payments owed to ENI for gas supply.
These payments include monthly invoices, letter of credit (LC) replenishments, and overdue arrears.
This financial commitment was revealed during a high-level meeting between Finance Minister Dr. Cassiel Ato Forson, Energy Minister John Abdulai Jinapor, and ENI officials.
Despite the growing financial strain on the energy sector, the government reaffirmed its commitment to ensuring a stable gas supply.
According to Dr. Forson, the massive debt burden stems in part from the previous administration’s failure to meet its obligations, leaving the current government with no choice but to clear arrears while keeping up with new payments.
“Our monthly energy costs stand at 2.5 billion cedis, with fuel and power generation alone consuming 1.9 billion cedis. Yet, ECG collects just 1.3 billion cedis, leaving a gaping shortfall of 1.2 billion cedis every month,” he stated.
To address the crisis, the Ghana National Petroleum Corporation (GNPC), Energy Ministry, and Finance Ministry will conduct a full review of the energy sector this week. The review aims to assess liabilities and chart a sustainable path forward.
While expressing frustration over the inherited debt, Dr. Forson assured Ghanaians that the government remains committed to stabilizing the sector, clearing arrears, and ensuring a reliable energy supply.
“The burden is heavy, but we will not shy away from our responsibilities. However, Ghanaians must understand that the cost of past missteps is being felt now—we are all paying for them,” he noted.
