Business News of Wednesday, 9 December 2015
In the coming weeks, Ghana is likely to receive financial support from the African Development Bank (AfDB) to address current challenges facing the power sector.
The Bank is currently working towards releasing some millions of dollars to support selected private firms working in the power sector.
The current power crisis has affected various sectors of the economy, with the manufacturing firms being the hardest hit.
This has resulted in some businesses laying off some of their staff while others have had to shut down.
President of the African Development Bank, Akinwumi Adesina, says an AfDB support has become inevitable due to the extent of the crisis.
“We are going to be there to support how to reduce risks facing lenders,” Mr Adesina said. He said the AfDB would be doing this through partial risk guarantee facilities.
AfDB would also support the Electricity Company of Ghana with key reforms to improve power distribution.