Ghana set to receive $190m from MMC

Vice President  Dr Bawumia.

Vice President Dr Bawumia.

Ghana is to receive $190million being the second allocation of Compact Funds from the Millennium Challenge Corporation (MCC).

This was after the government has met all the required conditions to access the funds.

Yesterday, the MCC submitted a letter acknowledging Ghana’s achievement of this milestone to Vice President Dr. Mahamudu Bawumia, who received it on behalf of President Nana Addo Dankwa Akufo-Addo.

A delegation led by Professor Yaa Ntiamoa-Baidu, Board Chairman of Milliennium Development Authority (MiDA) and Christopher Lamora, Charge d’Affairs and Ag. U.S. Ambassador to Ghana, presented the letter to the Vice President.

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.

MCC’s investment in the Ghana Power Compact totals $498.2 U.S. dollars.

The Vice President acknowledged the notification and thanked the U.S. government and the MCC for their partnership through the Ghana Power Compact, 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,” he said.

Vice President Bawumia reiterated government’s commitment to ensuring that the compact delivered its goal to reduce poverty through economic growth, by transforming the power distribution sector.

The MiDA Board Chairman, Prof. Ntiamoa-Baidu 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.”

 BY TIMES REPORTER

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