ABIDJAN, May 13 (Reuters) – Ghana should be able to reduce its debt of $2.5 billion owed to independent power producers and gas suppliers by the end of the year, President John Dramani Mahama said on Tuesday.<\/p>\n
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Last year, the West African country reached an agreement with independent power producers to restructure legacy debt of around $1 billion as part of efforts to deal with its overall debt burden.<\/p>\n
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But arrears to service providers have continued to pose a challenge to Ghana’s economy since Mahama was sworn in for a second term as president in January.<\/p>\n
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“I’m sure by next year, our partners would be happy because we would have dealt appropriately with the debt overhang,” Mahama told a forum in Ivory Coast.<\/p>\n
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He said that state-owned utility ECG was inefficient in collecting revenue and was experiencing losses of about 40%. To be able to pay for electricity, Mahama said he was bringing the private sector into the billing process.<\/p>\n
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“People are queuing up, I said they should wait. We’re going to do expressions of interest,” Mahama said when asked about interest from private investors.<\/p>\n
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The cabinet will decide whether Ghana should have one or multiple partners working on the billing, he said, adding that there must be local participation.<\/p>\n
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Mahama also said companies should take advantage of oil and gas extraction before the world transitions to renewable energy.<\/p>\n
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“Oil is in transition and so everybody who has any assets should be pumping like there’s no tomorrow … I would lay a red carpet to anybody who wants to drill and pump oil to do so,” he said.<\/p>\n
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