Eight State-Owned Energy Sector Enterprises accumulate US$2.4 billion debt

The total indebtedness of eight State-Owned Enterprises (SOEs) in the energy sector, as of December 2021, per the validated debt matrix published by Deloitte in May 2023, is approximately $2.4 billion.

Mr William Owuraku Aidoo, a Deputy Minister of Energy who announced the figure, in Parliament, in Accra, mentioned the SOEs as the Volta River Authority (VRA), Electricity Company of Ghana (ECG), Northern Electricity Distribution Company (NEDCo), Ghana Grid Company Limited (GRIDCo) and Tema Oil Refinery (TOR).

The rest are Bulk Oil Storage and Transportation Company Limited (BOST), Bui Power Authority and the Ghana National Petroleum Corporation (GNPC).

Mr Aidoo’s announcement was part of his response to a question by Mr Edward Abambire Bawa, the Member of Parliament (MP) for Bongo.

The MP wanted to know from the Energy Minister the total indebtedness of the eight SOEs – VRA, ECG, NEDCo, GRIDCo, TOR, BOST, Bui Power Authority and GNPC.

The Deputy Minister said the creditors were stakeholders – SOEs, Independent Power Producers (IPP) and fuel suppliers in the power sector supply value chain.

Dr Clement Abas Apaak, the MP for Bulsa South, who asked the question on the behalf of Mr Bawa, requested that the Speaker should direct the Deputy Minister to furnish the House with the detailed report of the indebtedness of the individual SOEs.

Mr Joseph Osei-Owusu, the First Deputy Speaker, presiding, then directed the Deputy Minister to furnish the House with the detailed report of the indebtedness of the individual SOEs in the energy sector within one week.