The nation’s power distributor, Electricity Company of Ghana (ECG) will within the next few months experience a major transformation following the execution of compact two of the Millennium Challenge Account (MiDA).
According to the Chief Executive Officer of (MiDA), Ing. Owura K. Sarfo, the compact two is aimed at transforming ECG in terms of technology and to enable them meet the insatiable power demands of Ghanaians.
[contextly_sidebar id=”APkquQXnuQP4ORR2E7IuoosknmP3VBZg”]Ing. Owura Sarfo made the revelation at a press conference in Accra on Wednesday.
Ghana in the last three years has been facing challenges with production and distribution of power.
Several companies companies have been affected by the power challenges.
Ing. Owura Sarfo explained that MiDA is supporting the project because the ECG “is critical for our nation’s growth and development. It is a cornerstone of the energy sector, which is why this Government of Ghana initiative is so important.”
He said currently, “the Government of Ghana, acting through the Ministry of Power, ECG and the MiDA has invited expression of interest from local and international companies to identify a qualified private sector partner to invest in and operate the distribution business of ECG through a public-private partnership.”
The Government of Ghana on August 5, 2014 signed the Power Compact with the Millennium Challenge Corporation (MCC), an independent United States government foreign aid agency.
The Power Compact is providing Ghana a grant of $498,200,000 to improve the nation’s power sector.
According to the MiDa, about $300 million of the MCC grant is being invested in ECG, and the Government of Ghana is committing at least $37.4 million of its own money.
The project seeks to bring about PSP in investments into, as well as the management and operation of the ECG through a concession arrangement.
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By: Godwin A. Allotey/citifmonline.com/Ghana