Independent Power Producers (IPPs) have hinted they may soon shut down production of power due to their inability to reach an agreement with the government over the restructuring terms of debt owed them.

The IPPs, on July 1, suspended a threatened shutdown after it said it had reached an interim deal with the Electricity Company of Ghana over the arrears.

But three months down the line, the Chief Executive Officer (CEO) of the Chamber of Independent Power Producers, Dr. Elikplim Apertorgbor is warning of a looming power crisis over the lack of progress in the negotiations.

“We received some indications of some payments to be made, but we have been waiting for long.”, he disclosed at a seminar, where he gave an address on his evaluation of the power sector in Ghana.

“For over 3 months discussions [have been] ongoing, we have not made any headway and I think we are sitting on life support. Anything could happen. We can’t always guarantee generation. We have been very diplomatic to ensure we dialogue and have a mutual settlement but I am sorry we are getting there,” Dr. Apetogbor added.

The IPPs have since the beginning of the year rejected the government’s proposal to restructure debts owed them which has ballooned from some $1.4 billion to $2.3 billion.

Despite the need to restructure this debt as part of the implementation of the $3 billion IMF bailout programme, the IPPs are adamant in receiving what they believe is due them.

“The total receivable in respect of the energy generated to ECG is about $1.4 billion. The capacity component and the idle capacity component when all put together, we are talking about over $2.3 billion. We are patiently waiting for the government to pay us our money, how it will happen I don’t know all we are looking for is our money,” Dr. Apetorgbor reiterated.

The IPPs, which account for about 50 percent of power generation say they control over 60% of Ghana’s available thermal power generation capacity.