Ghana’s Finance Ministry has wrapped up a fruitful meeting with South Africa’s Export Credit Insurance Corporation (ECIC) and Cenpower Generation Company Limited.
The talks centered on bolstering Ghana’s energy industry and restating the government’s resolve to solve the financial difficulties independent power producers confront.
More than a million houses in Ghana receive electricity from the 350 megawatt Kpone Independent Power Plant, which is run by Cenpower. However, Cenpower’s operations have been hampered by the Electricity Company of Ghana’s late payments.
The ECIC has a stake in the plant’s financial stability because it supplied export credit cover for the South African commercial tranche of the project’s financing.
Dr. Cassiel Ato Forson, the finance minister, stressed throughout the meeting the government’s commitment to resolving these financial problems and making sure electricity producers are paid on time. Within Ghana’s power sector, this commitment seeks to promote sustainable development and preserve energy reliability.
By working together to overcome obstacles in the energy sector, the Ministry’s involvement with Cenpower and the ECIC emphasizes the value of open financial systems and global alliances in attaining energy security.
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