Business News of 2014-02-03

Second Millennium Challenge Account ready in January 2015

The country could start accessing funds under the 565 million dollar Millennium Challenge Account Program from January 2015.

This would be possible if the board of the Millennium Challenge Corporation approves Ghana's proposal for the second compact by June. The country was in 2012 selected for the second compact by the US under the Millennium Challenge Program which will focus on the power sector.

This was after it successfully completed the 547 million dollar under the first compact to help transform agriculture in the country.

Jonathan Bloom, the Vice President of Millennium Challenge Corporation for Africa, told Joy Business his outfit is still identifying “some of the critical areas” of reforms in the energy sector.

He mentioned the gas processing sector, which he said would “ensure adequate supply for generating electricity”.

Secondly, the Corporation is looking at private investors building the generation, he said, adding, “third of all, reform at ECG, which is central to the whole programme and there is still some reform programmes to be finished at the ECG”.

Though the second compact is expected to focus on the energy sector, authorities say the country requires about 745 million dollars for the whole program.

Out of this estimated cost, 565 million dollars would be borne by the Millennium Challenge Corporation and the remainder by the Government of Ghana together with the private sector.

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