The Millennium Challenge Corporation, (MCC), has approved a second allocation of One Hundred and Ninety million dollars as compact funds from the MCC.
This comes on the back of Ghana meeting all the required conditions to access the funds.
The MCC submitting a letter acknowledging Ghana’s achievement of this milestone to the President, Nana Addo Dankwa Akufo-Addo.
Upon Entry-Into-Force of the Power Compact on September 6, 2016, MCC granted access to the first allocation of compact funds in the amount of $308.2 million U.S. Dollars.
MCC’s investment in the Ghana Power Compact totals $498.2 U.S. Dollars. The delegation led by Board Chair of MiDA, Professor Yaa Ntiamoa-Baidu, and Charge d’Affairs and Acting.
U.S. Ambassador to Ghana, Christopher Lamora, presented the Letter to the Vice President, Mahamudu Bawumia, who received it on behalf of the President.
Professor Yaa Ntiamoa-Baidu said this achievemwnt marks a significant milestone in the implementation of the Power Compact Program adding that with these funds, MiDA together with its implementing entities will be able to carry out the planned investment and reform activities aimed at strengthening the country’s power distribution sector.
Vice President Bawumia acknowledging the notification expressed gratitude to the U.S. Government and the MCC for their partnership through the Ghana Power Compact stressing that it is a manifestation of the strong cooperation between Ghana and the US.
Vice President Bawumia also entreated all stakeholders to continue to collaborate and maintain the alacrity they have demonstrated so far.
He reiterated Government’s commitment to ensuring that the Compact delivers its goal to reduce poverty through economic growth, by transforming the power distribution sector.
The Acting CEO of the MCC, Brock Bierman said Ghana meeting this important milestone is a testament to the commitment of government to reform its power sector in an effort to bring critical services to its people, however, much work still remains.
He noted that with only Three (3) years remaining in the MCC Ghana Power Compact, it is important that stakeholders continue to work together until the concession is complete and the path is paved to inject private-sector investment and expertise to transform the viability of the power sector.
