Government will need to mobilize $1.1 billion in 2025 to settle payments owed to ENI for gas supply, including monthly invoices, Letter of Credit (LC) replenishments, and outstanding arrears.
This financial obligation was disclosed during a meeting between Finance Minister Dr. Cassiel Ato Forson, Energy Minister John Jinapor, and officials from ENI, where the government reaffirmed its commitment to ensuring a steady gas supply despite the growing financial strain on the energy sector.
According to the Finance Minister, the huge debt burden is partly due to the failure of the previous government to meet its obligations, leaving the current administration with no choice but to clear outstanding arrears while keeping up with new payments.
“Our monthly energy costs stand at GH¢2.5 billion, with fuel and power generation alone consuming GH¢1.9 billion. Yet, ECG collects just GH¢1.3 billion, leaving a gaping shortfall of GH¢1.2 billion every month,” Dr. Forson stated.
To address the situation, the GNPC, Energy Ministry, and Finance Ministry will conduct a full review of the energy sector this week to assess liabilities and determine a sustainable path forward.
Dr. Forson expressed frustration over the inherited debt but assured 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 said.
