Business News of Sat, 8 Sep 20181
We'll utilize compact funds judiciously - MiDA
The Millennium Development Authority (MiDA) has assured that it would make good use of all the tranches of funds it has received from the Millennium Challenge Corporation for the implementation of the Ghana Power Compact II.
Board Chairperson of MiDA Prof. Yaa Ntiamoah Baidu gave this assurance at the 2nd Commemoration of the Ghana Power Compact in Accra on Thursday, September 6, 2018.
"We have to make good use of all the free funds that have been made available to us. And it is for this reason that we expect our own staff to rise above the storm and perform beyond their capacities," she stated.
The Power Compact which spans from 2019 to 2021 would be focusing on six key areas namely ECG financial and Operational Turn around project, NEDCO financial and operational turn around project, regulatory strengthening and capacity building project and access project, power generation improvement sector project, energy efficiency and demand side management project.
Prof. Ntiamoah said although executing projects of this nature under the power compact would come with its own challenges, the authority is prepared to surmount them and make sure that they deliver as they did during the MCC compact I.
Ghana is expected to receive US$190million which is the second allocation of compact funds from the United States of America through the Millennium Challenge Corporation after the government met all the required conditions to access the funds.
Officials of MiDA and Charge` d' Affaires of the US Embassy in Ghana, Christopher J. Lamora last Thursday announced Ghana's qualification for the second tranche of the funds in a letter presented to the Vice President Dr Mahamudu Bawumia President, who received it on behalf of the President.
Prof. Ntiamoah -Baidu noted that it had taken MiDA two solid years of hard work to be able to meet the requirements to access the funds.
"We have for the past two years work very assiduously to meet this critical milestone for Ghana," she said adding that "MiDA has become a household name because of the successful implementation of US$547million Agricultural Transformational Compact signed between the government of Ghana and the USA which spanned from 2007 to 2012"
She called for collaboration between MiDA and the implementing agencies to work together to ensure that the objectives of the Power Compact are achieved.
Minister for Energy Hon. John Peter Amewu who commended MiDA for their effort in making ensure that Ghana meets all the requirements also praised the US government for its support toward Ghana's energy sector.
He stressed on the importance of electricity, saying " it is clear that for every economy of a country to achieve its targeted growth at a particular point in time the lights must be on."
He pledged the full support of the ministry and the government of Ghana toward the implementation of the power compact.