Due to the Electricity Company of Ghana’s (ECG) inability to pay its $259 million debt, Sunon Asogli Power Ltd. has declared that it will be ceasing operations.
In a statement issued on October 16, 2024, the company stated that the debt forced it to close on October 8 at 5:00 PM.
The statement read, “This difficult decision was necessitated by our inability to fund our operations because of the ECG’s failure to honour their various promises to that effect and their overdue payment obligations.”
It added that, in contrast to other independent power providers, Sunon Asogli Power has never sent an invoice to the ECG for accumulated idle capacity charges and has, throughout the years, shown great consideration in its interactions with the government and the ECG.
“Despite this, ECG owes Sunon Asogli a net receivable amount of $259 million as at the end of September 2024”.
“Our debt has grown by 23 percent on the net balance, between January 2024 and September 2024 and only 22.6percent of the invoices for the period has been paid by ECG from the Cash Waterfall Mechanism”, the company lamented.
