By Dominic Hlordzi
The Chief Executive of the Independent Power Generators, Ghana, (IPGG) Dr. Elikplim Apetorgbor, has debunked claims by the Minister of Finance, Dr. Mohammed Amin Adam, that an agreement has been reached with Sunon-Asogli Power after renegotiation.
He stated that government through the Ministry of Finance, was holding a position of duress, that if the company doesn’t sign the agreement, it will not be paid. This, he described as illogical.
Dr. Apetorgbor said the Minister was not fair to Sunon-Asogli when he stated that the company acted in bad faith by shutting down its production plant over unpaid debt.
On the negotiation relating to the restructuring of debts, Dr. Apetorgbor said government was holding Sunon-Asogli under duress to sign an agreement which is against good negotiation principles.
“We have reached a stage in our negotiation where we have a tie and we are asking the Ministry to show commitment to make up for the arrears of the promised 7 million Cedis monthly payments to us.”
Dr. Apetorgbor said unfortunately, this year the company has not received the full payment of the promised amount.
“The gap (in terms of arrears) that exists now is about 30 million Cedis and we are telling the Minister of Finance that before we sign the debt restructuring term sheet or framework agreement, to commit to making up that difference and this is where he refused to understand.” He narrates.
“Holding a position of a duress, that if you don’t sign this, I am not going to pay you…even the one time payment that you are asking for. How can you enter a negotiation with this entrenched position? That is illogical. We don’t do business negotiation like this, no one enters into a negotiation to lose. It must be fair at all cause or win-win situation. This is how we do business,” Dr. Apetorgbor lamented.
Sunon-Asogli’s 560-megawatt power plant was shut down since 16 October, 2024 due to lack of money to continue operations, as the Electricity Company of Ghana (ECG) owes the company an estimated $259 million as of September 2024.
