11-member MiDA board inaugurated
The President Nana Addo Dankwa Akufo-Addo has inaugurated a 11-member board to oversee the activities of the Millennium Development Authority.
The board headed by the renowned Professor Yaa Ntiamoah Badu has been charged to ensure that the Power Compact II which has already come into force was completed within schedule.
They will also have the responsibility to advise government appropriately on the way forward in the issue of the intended concession of the Electricity Company Ghana under the Millennium Challenge Corporation (MCC) Power Compact II.
Swearing in the 11 – member board at the Flagstaff House, the President admonished the board to take their work seriously as the task ahead of them was an enormous one and very important as far as the compact was concern.
“There is a major task before you which is to help resolve the future of the critical part of this compact; which is the private sector solution to the development of the electricity corporation of Ghana which is on the table. We believe it is necessary for us to have a look at what is on the table and make sure the various challenges that there are to the progress of the compact involved in the Electricity Corporation’s role and the manner of its law are resolved.”
“Government has already started doing so. Some of the key people who are involved in that are also members of your board and hopefully, the government’s take on how we go forward will be out and our interest is making sure that this compact is implemented successfully so that the people of Ghana would benefit from it,” President Akufo-Addo added.
Ghana signed the Power Compact with the United States of America acting through the Millennium Challenge Corporation (MCC), an independent United States government agency, on the sidelines of the US Africa Leaders’ Summit in Washington DC on August 5, 2014.
The Ghana Power Compact would provide Ghana with a grant sum 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, unlock the country’s economic potential, create jobs, and reduce poverty.
About US$350 million of the grant is being invested in ECG to make the country’s power distributor operationally and financially more efficient.
The Compact is being implemented by the Government of Ghana through the Millennium Development Authority (MiDA).
Under the Power Compact, six projects will be implemented to address the root causes of the unavailability and unreliability of power in Ghana
The project includes ECG Financial and Operational Turnaround Project, NEDCo Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project, and Access Project.
The rest are Power Generation Sector Improvement Project and Energy Efficiency, and Demand Side Management Project.
The Government of Ghana signed the Ghana Power Compact with the Millennium Challenge Corporation (MCC), an independent United States government agency, on the sidelines of the US Africa Leaders’ Summit in Washington on August 5, 2014.