No Result
View All Result
Friday, August 19, 2022
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories
    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

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

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories
    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

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

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

  • TECHNOLOGY

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

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

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

First ECG bidders conference takes off

bycitibusinessnews
May 23, 2017
in Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The first Bidders’ Conference on the concession for the Private Sector Participation (PSP) in the electricity distribution business of the Electricity Company of Ghana (ECG) has been held in Accra.

The ECG PSP transaction is one of five activities under the ECG Financial and Operational Turnaround Project funded through the Ghana Power Compact.

The event, organized by the Millennium Development Authority (MiDA),was attended by over 100 people, comprising local and international investors, local financial institutions, trade associations, and government and regulatory institutions. It was a forum to discuss the structure of the ECG Concession and share ideas aimed at improving the process.

ADVERTISEMENT

Launching the event, the Minister for Energy, Mr. Boakye Agyarko stressed the importance of reliable and available power supply for national development.

“There is no argument that an improved and efficiently managed power sector is key to unlocking the development potential of our dear country,” he said.

Mr. Agyarko added that “years of inadequate investment, inefficiencies within the utility, and a large stock of outstanding receivables, particularly in the distribution sector, have all conspired to make the organizations in the sector what they are today. As a nation, we should set our sights firmly on turning around the fortunes of this strategic sector.”

Boakye Agyarko - Energy Minister
Boakye Agyarko – Energy Minister

The Board Chair of MiDA, Prof Yaa Ntiamoa-Baidu said the Bidders’ Conference was a major step towards meeting the objectives of the Compact II Programme.

She added that,“since the new Board was formed, we have been building on all the work that has been done so far including work on the process of identifying qualified private sector partners for ECG through a transparent and competitive process.”

In his welcome remarks, the Chief Executive Officer of MiDA, Ing Owura K. Sarfo said, “the ECG Financial and Operational Turnaround Project aims to strengthen the governance and management of ECG by bringing in an acceptable concessionaire to make investments designed to reduce technical, commercial, and collection losses and improve service quality.”

“MiDA continues to work together with all stakeholders on this journey of identifying the best qualified private sector partner for ECG. This partnership will transform the ECG in terms of technology in power distribution. Let us seize the opportunity together to improve the power situation in our dear country,” he added.

The Bidders’ Conference facilitated interaction between the shortlisted Applicants for the ECG Concession and potential local and international investors.

Ing Owura Safo
Ing Owura Safo

The Bidders also had an opportunity to tour selected ECG sites while in Ghana.

About the ECG PSP Transaction

The Government of Ghana signed the Ghana Power Compact with the Millennium Challenge Corporation (MCC), an independent United States government foreign aid agency, on August 5, 2014.

The Ghana Power Compact provides Ghana a grant of Four Hundred and Ninety Eight Million, Two Hundred Thousand United States Dollars (US$498,200,000) to improve the performance of Ghana’s power sector to unlock the country’s economic potential, create jobs, and reduce poverty.

The Government of Ghana is committing at least US$37.4 million of its own money.

The major project under the Ghana Power Compact is the Electricity Company of Ghana (ECG) Financial and Operational Turnaround Project, which is designed to transform ECG into an efficient and financially strong institution through private sector participation (PSP). About US$351 million of the MCC grant is being invested in ECG.

The project seeks to bring about private sector participation in investments into, as well as the management and operation of, the ECG through a concession arrangement.

Under the concession a private partner will invest in ECG and improve its operations to reduce commercial and technical losses, reduce the frequency and duration of outages, introduce new equipment and technology, and reduce the vulnerability of the distribution system to theft and meter manipulation.

The Compact is being implemented by the Government of Ghana through the Millennium Development Authority (MiDA). 

About MiDA

MiDA is a Ghana government agency created in 2006 by an Act of Parliament. The Authority has been mandated by the Government of Ghana to implement the Ghana Power Compact, which seeks to address the root causes of the current problem of unreliable power supply in the country.

–

By: citibusinessnews.com/Ghana

Related Posts

Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
Local Economy

Local currency crosses ¢10 to one dollar mark on retail market

byNerteley Nettey

The local currency has crossed the ¢10 to one dollar mark on the retail market. A visit by Citi Business...

Read more

VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

VADUG members resist implementation of Customs Amendment Act

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

Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

BoG, UG partner to improve research in Ghana’s financial sector

Next Post

Nigeria: ‎I Will Resign If Nigeria Continues to Import Petrol By 2019 - Kachikwu

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.