Latest news with #ElectricityCompanyofGhana
Zawya
a day ago
- Business
- Zawya
The Energy News Network (ENN): The New Independent Voice for Emerging Market Energy
The Energy News Network (ENN), a new independent platform dedicated to the stories behind energy in emerging markets, is now live. Covering corporate and public sector leaders, utilities, ministries, and regulators across Africa and beyond, ENN will track the policy shifts, investments, and diplomatic moves shaping the energy sector's evolution. Visit: Africa's energy demand is growing at twice the global average yet, with more than 600 million people still unable to access electricity, the continent needs some $25bn annually in energy investments to achieve universal access by 2030. ENN will delve into how the region can meet these ambitious targets, spotlighting the people, projects and policies defining the future of energy access, innovation, and impact. The platform features incisive editorial, expert opinion, and compelling human stories centred on Africa's 21st-century energy narrative. From renewables to mining, and from finance to frontier energy access, ENN provides independent, in-depth coverage of a sector critical to the continent's future. Current feature stories include: Exploring how Mission 300 is tackling Africa's energy access crisis and scaling clean energy solutions. A deep dive into Zambia's current energy challenges and opportunities. A profile of William Amuna, the new board chair of the Electricity Company of Ghana. Visit: Simon Gosling, founder of ENN, says: 'We're committed to telling the stories that matter most, combining expert insight with sharp analysis to shine a light on the forces shaping energy in emerging markets. Our goal is to bridge expertise with on-the-ground realities, giving voice to the people, projects, and policies driving energy transformation across Africa and beyond in the 21 st century.' Distributed by APO Group on behalf of EnergyNet Ltd..
Yahoo
14-05-2025
- Business
- Yahoo
Ghana to reduce $2.5bn debt to power producers by year end
Ghana's Government has announced its intention to significantly reduce the country's $2.5bn (31.27bn cedis) debt owed to independent power producers and gas suppliers by the end of the year, according to a Reuters report. President John Dramani Mahama expressed confidence in addressing the financial challenges facing the power sector during a forum in Ivory Coast. Last year, Ghana reached a restructuring agreement with independent power producers to manage approximately $1bn of legacy debt. Despite this, the nation's arrears have continued to impact the economy, particularly since President Mahama began his second term in January. President Mahama acknowledged inefficiencies within the state-owned utility, Electricity Company of Ghana (ECG), which faces a revenue collection loss of around 40%. To improve the situation, he announced plans to involve the private sector in the billing process. Mahama was quoted as saying: 'People are queuing up, I said they should wait. We are going to do expressions of interest,' indicating a cautious approach to selecting private partners for this initiative. The cabinet is yet to decide on the structure of this partnership, which may involve one or multiple entities, with an emphasis on local participation. President Mahama also encouraged companies to expedite oil and gas extraction, citing the global energy transition. 'Oil is in transition and so everybody who has any assets should be pumping like there is no tomorrow... I would lay a red carpet to anybody who wants to drill and pump oil to do so,' he added. In related news, the Mission 300 initiative, which aims to electrify 300 million Africans by 2030, secured more than $8bn in new funding commitments during the Africa Energy Summit in Dar es Salaam, Tanzania. "Ghana to reduce $2.5bn debt to power producers by year end" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
13-05-2025
- Business
- Arabian Post
Ghana Targets Energy Sector Debt Reduction Amid Structural Reforms
Ghana is undertaking significant measures to reduce its $2.5 billion debt owed to independent power producers and gas suppliers by the end of 2025, as announced by President John Dramani Mahama. This initiative is part of a broader strategy to stabilize the country's energy sector and ensure consistent electricity supply. The debt, which has been a persistent issue, poses a substantial threat to Ghana's economy and energy security. President Mahama emphasized the urgency of addressing this financial burden to prevent further economic strain. He highlighted inefficiencies within the Electricity Company of Ghana , noting that the utility experiences approximately 40% in commercial and technical losses, undermining its financial viability. To enhance revenue collection and operational efficiency, the government plans to involve the private sector in electricity billing and metering processes. A pilot partnership between ECG and Enclave Power Limited has demonstrated success, achieving 99% revenue collection and near-uninterrupted power supply. This model is being considered for broader implementation to improve the sector's financial health. The administration is also focusing on structural reforms, including the establishment of a single revenue collection account and the enforcement of the Cash Waterfall Mechanism to prioritize debt payments. These measures aim to eliminate financial leakages and ensure that funds are appropriately allocated to settle outstanding debts. In addition to financial restructuring, the government is advocating for increased utilization of domestic gas for power generation to reduce reliance on expensive crude oil imports. This shift is expected to result in significant cost savings and enhance energy sustainability. President Mahama has also called for maximizing oil and gas extraction before the global transition to renewable energy intensifies. He expressed openness to investors interested in drilling and production, emphasizing the importance of leveraging existing resources during this transitional period. See also Meta Faces Regulatory Showdown in Nigeria
