- Ghana’s energy debt refinanced through SPV
- ESLA was established to refinance the sector’s debt
- GH¢ 9.3 billion refinanced through debt swaps
In its annual report on the energy sector management, the Minister of Energy has revealed that a Special Purpose Vehicle (SPV) was established to refinance the energy sector debt. The Energy Sector Levy Act (ESLA) issues long-term loans guaranteed by the energy sector revenues to offset the energy sector loans.
In its 2020 report, the ESLA stated that a total of GH¢ 9,393,512,842 was the total claims on energy sector debt. The sector owes the fuel suppliers GH¢ 2,947,600,222, power producers GH¢ 1,976,731,067, and GH¢ 616,000,000 amongst others.
According to the report, Volta River Authority (VRA), Tema Oil Refinery (TOR), Electricity Company of Ghana (ECG), Bulk Oil Storage and Transport (BOST), and the Ghana Grid Company (GRIDCo) made payments totalling GH¢ 7.294 billion to creditors in 2020.
ESLA projects its proceeds to increase by 125 in the next four years.