The Millennium Development Authority (MiDA) has announced the operationalisation of the Ghana Power Compact, also referred to as Compact II.
A statement issued in Accra yesterday, said the operation of the treaty meant the agreement between the government and the United States of America had become effective and Ghana now had access to the programme funds.
The Power Compact programme, will operate in six projects the Electricity Company of Ghana (ECG) Financial and Operational Turnaround Project, Northern Electricity Company (NEDCo) Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project, Access Project, Power Generation Sector Improvement Project, and the Energy Efficiency and Demand Side ‘Management Project.
It will be implemented to address the root causes of the unavailability and unreliability of power in the country.
Announcing the Compact commencement, Owura Sarfo, Chief Executive Officer of MiDA, said the treaty came into force as a result of the collective efforts of several stakeholders to meet the conditions.
Being implemented in a five-year period, Mr. Sarfo said MiDA was committed to effectively implement the Compact programme to help solve the power challenges negatively impacting businesses, educational institutions, the economy and lives.
According to him, the six projects had been carefully designed to address the root causes of the unavailable and unreliable power supply in the country which was inextricably linked to the economic development of Ghana and poverty reduction.
By Times Reporter