The Ghanaian government has announced plans to clear a $1.1 billion debt owed to Italian energy firm ENI for gas supply, a financial burden largely inherited from the previous administration.
Finance Minister Dr. Cassiel Ato Forson disclosed this during a high-level meeting with Energy Minister John Abdulai Jinapor and ENI officials.
The payments will cover monthly invoices, letter of credit (LC) replenishments, and overdue arrears.
Dr. Forson attributed the massive debt to the failure of the previous administration to meet its financial obligations, leaving the current government responsible for both clearing past arrears and keeping up with ongoing payments.
To tackle the crisis, the Ghana National Petroleum Corporation (GNPC), the Energy Ministry, and the Finance Ministry will conduct a full review of the energy sector this week. The assessment aims to evaluate existing liabilities and establish a sustainable financial plan to prevent further debt accumulation.