Dr. Cassiel Ato Forson, Minister of Finance with government and ENI officials during the meeting
Ghana’s finance minister, Dr. Cassiel Ato Forson has expressed deep concern over the massive financial burden facing the country’s energy sector, revealing that the government will need to pay a staggering $1.1 billion in 2025 to settle obligations to ENI alone.
According to the him, these payments cover monthly invoices, LC replenishments, and outstanding arrears, a situation he attributes to years of neglect in the sector.
“For far too long, critical obligations were pushed aside, leaving us with a broken system that now demands urgent and painful corrections,” he stated in a post on X following a meeting with officials from ENI on March 25, 2025.
He criticised the previous administration for failing to tackle the growing debts, stating that their inaction allowed liabilities to pile up, ultimately placing the sector under immense financial strain.
The minister further highlighted the monthly energy cost crisis, revealing that Ghana spends GH¢2.5 billion on energy, with fuel and power generation alone consuming GH¢1.9 billion. However, the Electricity Company of Ghana (ECG) collects only GH¢1.3 billion, creating a GH¢1.2 billion shortfall every month.
During the meeting with ENI officials, the minister acknowledged the difficult financial position but emphasised the government’s commitment to meeting its obligations.
“I made it clear to them that we have no choice but to divert funds that could have been used for development, healthcare, and education to pay for commitments that should have been honored years ago,” he wrote.
Despite the financial strain, the finance minister assured that the government is determined to stabilize the sector, clear inherited debts, and implement reforms to ensure Ghana’s energy future is no longer crippled by past financial mismanagement.
As Finance Minister, I am deeply concerned about the massive financial burden Ghana faces in the energy sector.
For example, government will have to cough up a staggering $1.1 billion in 2025 to settle payments to ENI alone, covering monthly invoices, LC replenishments, and… pic.twitter.com/izdGjoJ0C4
— Cassiel Ato Forson(PhD) (@Cassielforson) March 25, 2025
MA
