Accra, June 6, 2022. The Ghana Power Compact Program ended at the stroke of midnight today. The Program, also referred to as Compact II, was signed between the Government of the Republic of Ghana and the Millennium Challenge Corporation (MCC), an Agency of the Government of the United States of America, on August 5, 2014. It was designed to introduce reforms into Ghana’s power sector while providing some much-needed power infrastructure assets. The goal of the Compact Program is to reduce poverty through economic growth.
The Projects and initiatives under the Ghana Power Compact Program have addressed constraints to the supply of adequate and reliable power and the associated socio-economic and gender issues in the power sector. The four Projects comprising the Compact Program are:
- ECG Financial and Operational Turnaround Project
- Regulatory Strengthening and Capacity Building Project
- Energy Efficiency and Demand side Management Project
- Access Project
Speaking at the inauguration of the Kasoa Bulk Supply Point Substation, as part of the Compact End Events, Professor Yaa Ntiamoa-Baidu, Principal Representative of the Government of Ghana and the Chairperson of the MiDA Board said, “we have completed and commissioned power infrastructural Projects that are intended to remove some constraints which were obstacles to Ghana’s economic growth.”
An estimated 4.8 million Ghanaians are directly benefiting from interventions under the Power Compact Program. This number is expected to rise to 8 million in the next 10 years. The United States Government, provided grant funds totaling US$316 million, while the Government of Ghana provided US$30 million as counterpart funding for the Program.
“I am proud of what MCC and the GoG have achieved together under this Program, including the commitment of the Ghanaian Government to continue the core drivers of the MCC-Ghana Power Compact, to effectively and efficiently bring reliable electricity into the businesses and homes of millions of Ghanaians, through improved distribution networks,” said Mr. Mahmoud Bah, Deputy Chief Executive Officer of MCC.
The five-year Program Entered-Into-Force on September 6, 2016 and was extended for a further nine months because of delays caused by the onset of the COVID-19 pandemic.
