Finance

Ghana power producers call off shutdown after interim deal reached

Ghana’s independent power producers have announced the suspension of a planned shutdown starting on July 1st.

In a statement released late on Friday, the group announced having reached a deal with state-run Electricity Company of Ghana over arrears owed to them.

In May, the group of independent power producers rejected a government proposal to restructure $1.58 billion in arrears owed to them by the state as part of the West African nation’s efforts to implement a $3 billion loan deal from the International Monetary Fund (IMF).

The loan from the International Monetary Fund is aimed at addressing Ghana’s worst economic crisis in a generation.

According to the statement, under the new agreement, the power producers have received an interim payment offer with the understanding the government and Electricity Company of Ghana will use the grace period to work towards a permanent resolution to the debt issue.

 

Source: News Africa

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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