The Electricity Company of Ghana (ECG) has taken a crucial step in averting a looming power crisis by paying $8 million of its $20 million debt to the West African Gas Pipeline Company (WAPCo).
This payment comes in the wake of a power outage on Thursday, October 26, which left parts of the country without electricity due to limited gas supply by WAPCo.
ECG Managing Director, Samuel Dubik Mahama, assured the public that the government is committed to clearing the remaining $12 million debt to WAPCo by the end of the week, preventing a recurrence of the power outages.
“Very soon, with the arrangement we have, we are going to pay off our exposure to WAPCo. I am hoping that by the end of this week, it will be zero. As we speak I think they have received more than 8 million dollars so hopefully by the end of the week, it will be zero,” he said.
He emphasized that the company is putting in place mechanisms to ensure a consistent and debt-free relationship with WAPCo in the future.