Finance Minister, Cassiel Ato Forson has expressed worry over the country’s energy sector which is grappling with financial burden.
He cites the need for the government to cough up a staggering $1.1 billion in 2025 to settle payments to ENI alone, covering monthly invoices, LC replenishments, and outstanding arrears as one of the challenges that gives him sleepless nights.
The Minister in a post shared via social media indicated that “for far too long, critical obligations were pushed aside, leaving us with a broken system that now demands urgent and painful corrections”.
Regardless of the challenges, he has assured the people of Ghana that the government will not relinquish its responsibilities like it was done in the past but will be “committed to stabilizing the sector, clearing the debts we inherited, and ensuring Ghana’s energy future is no longer crippled by poor decisions of the past’.
Read His Full Post Below
As Finance Minister, I am deeply concerned about the massive financial burden Ghana faces in the energy sector.
For example, government will have to cough up a staggering $1.1 billion in 2025 to settle payments to ENI alone, covering monthly invoices, LC replenishments, and outstanding arrears.
This is a direct consequence of years of neglect in the sector.
For far too long, critical obligations were pushed aside, leaving us with a broken system that now demands urgent and painful corrections.
The previous government failed to address these mounting debts, kicking the can down the road while the liabilities piled up.
Now, we are forced to confront the harsh reality—our energy sector is under immense financial strain, and the bills can no longer be ignored.
Our monthly energy costs stand at 2.5 billion cedis, with fuel and power generation alone consuming 1.9 billion cedis. Yet, ECG collects just 1.3 billion cedis, leaving a gaping shortfall of 1.2 billion cedis every month.
At a recent meeting with ENI officials, I made it clear to them that we are left with no choice but to find the money that could have been used for other worthwhile pursuits like development, healthcare, and education to pay for commitments that should have been honoured years ago.
It is frustrating that we are in this position, but we will not relinquish our responsibilities. We are committed to stabilizing the sector, clearing the debts we inherited, and ensuring Ghana’s energy future is no longer crippled by poor decisions of the past.
