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Ghana is to receive US$ 190 million from the Millennium Challenge Corporation (MCC) as part of the second allocation of the power compact funds.
This is because the government of Ghana has met all the required conditions to access the funds.
To this end, a delegation led by Professor Yaa Ntiamoa-Baidu, Board Chair of MiDA, and Christopher Lamora, Charge d’Affairs and Ag. U.S. Ambassador to Ghana on Thursday, September 6, 2018, presented a letter to that effect to the Vice President, H.E. Mahamudu Bawumia, who received it on behalf of the President Akufo-Addo who is currently in China.
"Today, MCC submitted a letter acknowledging Ghana’s achievement of this milestone to the President, His Excellency Nana Addo Dankwa Akufo-Addo," Prof. Yaa Ntiamoah said.
This was contained in a statement issued by the Millennium Development Authority.
Upon Entry-Into-Force of the Ghana 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.
“Today marks a significant milestone in the implementation of the Power Compact Program. With these funds, MiDA together with its implementing entities will be able to carry out the planned investment and reform activities aimed at strengthening our country’s power distribution sector”, Prof. Ntiamoah who is MiDA's Board Chairman said.
For his part the acting CEO of MCC, Mr Brock Bierman, said "meeting this important milestone is a testament to the commitment of the Ghanaian government to reform its power sector in an effort to bring critical services to its people."
“But much work remains.With only 3 years remaining in the MCC Ghana Power Compact, we must 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 Ghanaian power sector," he added.
The Vice President Dr Mahamudu Bawumia acknowledged the notification and thanked the U.S. Government and the MCC for their partnership through the Ghana Power Compact; a manifestation of the strong cooperation that Ghana has with the US.
“Today is a great day and we are entitled to celebrate our achievement,” he said.
"However we have a significant number of project activities to be carried out in order to meet all milestones. I therefore urge 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.
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