Early Power has issued a 28th February deadline to the Electricity Company of Ghana (ECG) to settle an outstanding debt of $48,215,405.89.
In a letter addressed to the Acting Managing Director of ECG on Friday, 28th February 2025, Early Power expressed concern over ECG's default in payment, highlighting that $47,249,898.93 of the amount was overdue.
The letter, which was also copied to the Minister for Finance, the Minister for Energy, the Executive Secretary of the Public Utilities Regulatory Commission (PURC), and the Board Chairman, warned of severe financial repercussions for the power provider. "As a result of ECG's default in payment, the Seller finds itself in a precarious financial position and will not be able to meet its debt service obligations and operating costs. "We hereby bring to your attention that as of 31st January 2025, ECG is in default for the non-payment of $48,215,405.89 (the "Total Arrears Amount") which has been invoiced under the terms of the PPA, out of which $47,249,898.93 is overdue," the company stated.
Early Power has now issued a firm demand for the immediate settlement of the overdue amount, setting a deadline of 28th February 2025. "The Seller hereby demands the immediate payment of the PPA Arrears Overdue in full and in any case, no later than 28 February 2025, failing which the Buyer will resort to remedies available to it under the PPA and the PCO," a part of the letter reads.
