Ghana to Receive $190m of Millennium Challenge Compact

Ghana is set to receive the second tranche of $190 million from the Millennium Challenge Compact after meeting requirements to access the funds.

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

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

Vice President, H.E. 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, a manifestation of the strong cooperation that Ghana has with the US.

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. However, 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.

The Vice President acknowledged the notification and thanked the U.S. Government and the MCC for their partnership through the Ghana Power Compact, which in his view was 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,” he said. “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.

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.