Ghana requires $745m for the second Millennium Challenge Compact

Business News of Thursday, 25 April 2013

Source: Joy Online

The country requires about 745 million dollars for the second compact of the Millennium Challenge Account programme which would focus on the power sector.

This is contained in the second proposal the country sent to the US government which has been approved.

Out of this estimated cost, 565 million dollars would be taken up by the Millennium Challenge Corporation while the remainder would be borne by the Government of Ghana and the private sector.

The proposal cited by Joy Business reveals that Ghana needs the funds for mainly power generation, distribution and improvement on the country’s energy assets.

Ghana was last year selected for the second compact by the US under the Millennium Challenge program. This was after it successfully completed the 547 million dollar compact, to help transform agriculture in the country.

Meanwhile, Joy Business, has learnt some officials of the Millennium Challenge Corporation are in town to help Ghana fine tune its proposal.

This would ensure that the country get the final approval from the Board of the corporation for onward disbursement of funds.