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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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ECG to take huge chunk of MCC power compact cash

bycitibusinessnews
August 6, 2014
in Business, Local Economy
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A huge chunk of the funds to be received from the Millennium Challenge Corporation (MCC) for the Ghana Power Compact, will go to utility provider, the Electricity Company of Ghana (ECG).

MCC is to make an initial investment of up to $308.2 million, including funding to put the Electricity Company of Ghana, the country’s main distribution company, on a sustainable path.

That cash is also to help the utility provider to meet current electricity needs and upgrade infrastructure to reduce outages and improve service.

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The Ghana Power Compact invests up to $498.2 million to support the transformation of Ghana’s electricity sector and stimulate private investment.
Ghana will invest $37.4 million of its own funds in the initiative making the compact a total investment of up to $535.6 million.

The five-year compact is designed to create a self-sustaining energy sector in Ghana by reforming laws and regulations needed to transform the country’s power sector.
The Ghana Power Compact is expected to catalyze more than $4 billion in private energy investment and activity from American and global energy firms in the coming years.
The compact will support improved management of Ghana’s entire power system, providing a more robust framework for private investment as well as a more competitive process for the procurement of power from independent producers.
It will address challenges in distribution, generation and access to energy in Ghana.
Meanwhile a second tranche of up to $190 million in funds will be made available if Ghana accomplishes a set of reform targets set forth in the compact.
By: Vivian Kai Mensah/citifmonline/Ghana/Washington

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