We survived the power sector financial crisis by the ingenuity of ECG MD – CEO of IPGG

The Chief Executive Officer of the Independent Power Generators Ghana (IPGG) Dr. Elikplim Kwabla Apetorgbor, has said that the financial woes of IPPs posed a dire threat to the country’s energy landscape.

As key contributors to the national grid, he said, their instability jeopardized not just the sector’s sustainability but also the economic stability and development prospects of the nation.

The situation demanded urgent and innovative solutions to avert a full-blown power crisis that could have had far-reaching implications for the country’s populace and economy, he stated.

“It took the ingenuity and leadership of the Managing Director of the Electricity Company of Ghana (ECG) in the last hour of June 30, 2023 to save the situation,” Mr Apetorgbor said in a statement.

Below is his full statement…

The past four years of the energy sector have faced significant challenges, marked by a lack of clear direction and oversight. This period has seen Independent Power Producers (IPPs) grappling with severe financial crises, raising concerns about the stability and reliability of the country’s power supply. Amidst this turmoil, the absence of a guiding hand from the Ministry of Energy was conspicuously felt, leaving the sector in a state of uncertainty.

The financial woes of IPPs posed a dire threat to the country’s energy landscape. As key contributors to the national grid, our instability jeopardized not just the sector’s sustainability but also the economic stability and development prospects of the nation. The situation demanded urgent and innovative solutions to avert a full-blown power crisis that could have had far-reaching implications for the country’s populace and economy.

It took the ingenuity and leadership of the Managing Director of the Electricity Company of Ghana (ECG) in the last hour of June 30, 2023 to save the situation.

Recognizing the imminent threat, the Managing Director implemented a strategic intervention to safeguard the nation’s energy supply. He managed to ring-fence $43 million monthly to us and ensured that the financial resources were allocated efficiently and transparently, directly addressing the liquidity challenges facing the respective IPPs.

This decisive action underscored the importance of creativity and innovation in leadership, especially in times of crisis. The ring-fencing initiative not only stabilized the IPPs’ financial positions but the entire sector.

While the Ministry of Energy’s absence was a glaring gap, the empathy and resilience shown by the ECG’s Managing Director is a demonstration of effective leadership, competence and has indeed saved the power sector.

Dr. Elikplim Kwabla Apetorgbor
CEO, Independent Power Generators Ghana (IPGG)

March 23rd, 2024

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