– The Mahama administration has restored hope and stability to Ghana’s energy sector through a series of bold reforms and strategic interventions aimed at addressing longstanding challenges, Dr. Edem Segbefia has stated.
Speaking during an interactive engagement with NDC grassroots members in parts of the Volta Region, Dr. Segbefia said the energy sector was facing severe difficulties before the National Democratic Congress (NDC) returned to power. According to him, the government has since taken decisive steps to stabilize the sector and rebuild confidence among stakeholders.
He noted that the government has settled more than GH¢80 billion in inherited energy sector debts, including approximately US$1.47 billion paid in 2025 to clear arrears and restore stability. In addition, about US$393 million in legacy debts owed to Independent Power Producers (IPPs) was paid, helping to strengthen investor confidence and ensure uninterrupted power generation.
Dr. Segbefia further disclosed that the government had fully restored the US$500 million World Bank Partial Risk Guarantee for gas payments to ENI and settled outstanding gas invoices of nearly US$500 million. He said these measures have secured reliable gas supplies for electricity generation and improved the overall stability of the energy sector.
According to him, the Mahama administration has also renegotiated contracts with Independent Power Producers to secure better value for money while engaging Tullow Oil and Jubilee Field partners on a roadmap for settling gas-related obligations. He stressed that increased domestic gas production is helping to reduce Ghana’s dependence on expensive liquid fuels.
On the Tema Oil Refinery (TOR), Dr. Segbefia said the government had completed critical maintenance works and initiated plans for the refinery to begin processing Ghanaian crude oil. He explained that the revival of TOR, together with the relative stability of the cedi and lower global crude oil prices, has contributed to a significant reduction in fuel prices.
He indicated that petrol prices, which stood at about GH¢14.80 per litre in early 2025, had dropped to around GH¢10.99 per litre by February 2026. He also highlighted efforts to reposition the Bulk Oil Storage and Transportation Company (BOST) to strengthen strategic fuel reserves and enhance national fuel security.
Touching on reforms at the Electricity Company of Ghana (ECG), Dr. Segbefia said the establishment of a single holding account jointly supervised by the Ministry of Energy and the Public Utilities Regulatory Commission (PURC) has helped reduce revenue leakages and improve financial accountability. Additional measures, he added, are being implemented to address commercial and technical losses within the power distribution system.
The government has also introduced targeted interventions to cushion Ghanaians against fuel price increases. These include the temporary removal of selected taxes and levies on petroleum products and the deployment of 100 Metro Mass Transit buses on major routes to provide affordable transportation services. He added that the ban on fuel allowances for ministers and senior government officials remains in force as part of efforts to reduce public expenditure.
Dr. Segbefia urged NDC members and supporters to remain united and continue supporting the government as it works to fulfill its promises. He maintained that the achievements recorded in the energy sector demonstrate the administration’s commitment to improving the lives of Ghanaians, adding that the government’s efforts have successfully moved the sector from crisis to stability and renewed hope.
