Prime News Ghana

Ghana receives $190M from Millennium Challenge Corporation pact

By Hagar Ofosua
Ghana receives $190M from Millennium Challenge Corporation pact
Ghana receives $190M from Millennium Challenge Corporation pact

Ghana has received the second allocation of compact funds from the Millennium Challenge Corporation(MCC) to a tune of $190million U.S. Dollars.

A statement from the MCC says this comes after the Ghanaian government successfully met all the required conditions to access the funds.

Read Also: IMF yet to gain clarity on US$2bn Sinohydro deal

A delegation led by Professor Yaa Ntiamoa-Baidu, Board Chair of MiDA and Christopher Lamora, Charge d’Affairs and Acting U.S. Ambassador to Ghana who presented the letter to the Vice President said,“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”.

Vice President, Dr. Mahamudu Bawumia, who received the letter on behalf of the President thanked the U.S. government and the MCC for their partnership through the Ghana Power Compact. He said this is a manifestation of the strong cooperation that Ghana has with the US.

“Today is a great day and we are entitled to celebrate our achievement. 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”.

Read Also: Ghana Signs £20M Trade and Investment deal with UK

He reiterated government’s commitment to ensuring that the Compact delivers its goal to reduce poverty through economic growth, by transforming the power distribution sector.

Ghana's Power Compact on September 6, 2016, MCC granted access to the first allocation of compact funds to a tune amount of $308.2 million U.S. Dollars. The MCC’s investment in the Ghana Power Compact totals $498.2 U.S. Dollars.

The Millennium Development Authority (MiDA) was established by an Act of Parliament Act 702, 709 & 897 to oversee, manage and implement the programmes under the Millennium Challenge Account for poverty reduction, through economic growth as set out in each agreement between the government of Ghana and the Millennium Challenge Corporation.

Read Also:  Akufo-Addo signs $2 billion Sinohydro deal in China

Ghana News: Latest news in Ghana