Former Chief Executive of the Volta River Authority Dr Charles Wereko-Brobby is advising government to use part of the Eurobond proceeds to pay off the debt owed the West Africa Gas Pipeline company.
Ghana is in a desperate rush to meet a Friday deadline set by the West Africa Gas Pipeline company (WAPco) to cut off gas supplies to Ghana if it fails to pay a $180 million debt.
Power minister Dr Kwabena Donkor and other stakeholders in the energy sector are heading for Nigeria for talks with authorities of the Nigeria gas company which supplies gas to the West Africa gas Pipeline.
If the delegation is unable to resolve the debt impasse today, Ghana’s current power crisis will deteriorate as Nigeria supplies a huge chunk of the gas used to power the plants that generate power for the country.
“This is not a diplomatic matter, it’s a commercial issue and so the money must first be wired to the Nigerians even before the delegations gets there.
“I’m told that the proceeds of the Eurobond is lying in the accounts at the Bank of Ghana so they should quickly take part of it to offset the debt,” he stated.
He added: “When I broke the story about our indebtedness to the Nigerians two days ago, everyone was quiet but today, the truth is hitting us in the face. I honestly wish that something is done quickly so that this debt will be settled. We must also be thinking of a long term way of dealing with issues like this”.
Meanwhile, President John Mahama is reported to have directed the Public Utility and Regulatory Commission (PURC) to review tariffs to offset the debt.
