Ghana requests the resumption of $190 million MCC money for electrical sector improvements.

President John Dramani Mahama has indicated Ghana's willingness to renegotiate with the United States government for the prospective return of $190 million under the Millennium Challenge Corporation (MCC) Compact, which was originally granted to enhance the country's energy sector.

President Mahama made the announcement during a meeting in Accra with Mr. Ousmane Diagana, the World Bank Vice President for West and Central Africa. Mr. Diagana was in the country to attend the President's inauguration on January 7 in Independence Square.

The President underlined the significance of restructuring Ghana's energy sector to decrease debt and increase efficiency.

Reflecting on his stint as Vice President under the late President John Evans Atta Mills, Mahama recalls signing the MCC deal, which established Ghana as Africa's premier electricity producer and exporter.

"Unfortunately, the change in administration hampered the Millennium Challenge Compact, particularly the final phase, which aimed to improve distribution, billing, and metering efficiency. The PDS fiasco is history, but we must reconsider privatizing power distribution to incorporate private-sector efficiency," he stated.

President Mahama stated that conversations with the MCC had left the door open to restore the $190 million money.

He also urged the World Bank to consider assisting Ghana in completing energy distribution sector reforms if MCC money is not resumed.

"In the meantime, we are committed to restoring transparency, stabilizing the system through the cash waterfall mechanism, and addressing inefficiencies within the power value chain," the CEO said.

Mr. Ousmane Diagana underlined the World Bank's commitment to supporting Ghana's socioeconomic development plan, expressing confidence in the country's efforts to improve its energy infrastructure.