Ghana Set to Secure $1.1 Billion to Settle Gas Supply Debt Owed to ENI——The government is preparing to secure $1.1 billion to clear outstanding payments owed Italian energy giant ENI for gas supply. The funds will cover monthly invoices, letter of credit (LC) replenishments, and overdue arrears.
This commitment was made during a high-level meeting with Finance Minister Dr. Cassiel Ato Forson, Energy Minister John Abdulai Jinapor, and representatives of ENI.
Despite the nation’s financial challenges, the government assured ENI of its determination to sustain gas supply and stabilize the energy sector.
Dr. Forson attributed the debt to the previous administration’s inability to meet its obligations, leading to a revenue shortfall of GH¢1.2 billion per month in the energy sector.
This shortfall has strained the government’s capacity to settle its financial commitments, contributing to the accumulation of debt.
To address the crisis, the Ghana National Petroleum Corporation (GNPC), the Energy Ministry, and the Finance Ministry will convene this week to review the energy sector’s liabilities. The aim is to develop a sustainable financial strategy that will balance the sector’s revenue needs while ensuring an uninterrupted energy supply.
The government’s effort to clear its debt to ENI is crucial in maintaining investor confidence in Ghana’s energy sector, as delayed payments and growing arrears have previously strained relationships with international energy companies, risking future investments in the sector.
Additionally, stabilizing the energy sector is essential for sustaining industrial growth and improving power reliability for businesses and households.
