Home / Ghana gets $190m MCC money

Ghana gets $190m MCC money

Ghana is to receive $190 million for the second allocation of compact funds from the Millennium Challenge Corporation (MCC) for meeting all the required conditions to access the funds.

“Today, MCC submitted a letter acknowledging Ghana’s achievement of this milestone to the President, His Excellency Nana Addo Dankwa Akufo-Addo.

“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”, the Millennium Development Authority (MDA) said in a statement on Thursday, 6 September 2018.

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, presented the Letter to Vice-President, Dr. Mahamudu Bawumia, who received it on behalf of the President.

“Today marks a significant milestone in the implementation of the Power Compact Programme. 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”, Professor Ntiamoa-Baidu 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,” MCC Acting CEO Brock Bierman said, adding: “But much work remains”.

“With only three 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.”

“Today is a great day and we are entitled to celebrate our achievement”, Dr Bawumia said, adding: “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.”

Source: Ghana/ClassFMonline.com

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