{"id":239710,"date":"2024-10-26T15:23:26","date_gmt":"2024-10-26T15:23:26","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/26\/ghana-signs-260m-energy-sector-recovery-facility-with-world-bank\/"},"modified":"2024-10-26T15:23:26","modified_gmt":"2024-10-26T15:23:26","slug":"ghana-signs-260m-energy-sector-recovery-facility-with-world-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/26\/ghana-signs-260m-energy-sector-recovery-facility-with-world-bank\/","title":{"rendered":"Ghana signs $260m Energy Sector Recovery facility with World Bank"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p class=\"wp-block-paragraph\">Ghana has signed a $260 million Energy Sector Recovery Programme facility with the World Bank to boost the sector\u2019s recovery and financial stability. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" alt=\"\" class=\"wp-image-10032626075 lazyload ewww_webp_lazy_load\" style=\"width:840px;height:auto\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-41.jpg\" decoding=\"async\" width=\"800\" height=\"533\" data-eio-rwidth=\"800\" data-eio-rheight=\"533\" src-webp=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-41.jpg.webp\"\/><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-41.jpg\" alt=\"\" class=\"wp-image-10032626075\" style=\"width:840px;height:auto\" data-eio=\"l\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement, signed in Washington, DC, on the sidelines of the IMF\/World Bank Annual Meetings, targets improvements in revenue collection and energy supply quality through investments in prepaid metering and commercial meter management systems for utilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of the total amount, $250 million is provided as a loan, while the remaining $10 million is a grant to the Government of Ghana.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" alt=\"\" class=\"wp-image-10032626076 lazyload ewww_webp_lazy_load\" style=\"width:840px;height:auto\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-42.jpg\" decoding=\"async\" width=\"800\" height=\"533\" data-eio-rwidth=\"800\" data-eio-rheight=\"533\" src-webp=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-42.jpg.webp\"\/><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-42.jpg\" alt=\"\" class=\"wp-image-10032626076\" style=\"width:840px;height:auto\" data-eio=\"l\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Finance Minister Dr Mohammed Amin Adam signed on behalf of Ghana, with World Bank Country Director Robert Taliercio O\u2019Brien signing for the World Bank Group. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dr Amin Adam described the results-based financing as timely, noting that the facility would help tackle pressing sector challenges while improving life for Ghanaians.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" alt=\"\" class=\"wp-image-10032626077 lazyload ewww_webp_lazy_load\" style=\"width:840px;height:auto\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-43.jpg\" decoding=\"async\" width=\"800\" height=\"533\" data-eio-rwidth=\"800\" data-eio-rheight=\"533\" src-webp=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-43.jpg.webp\"\/><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-43.jpg\" alt=\"\" class=\"wp-image-10032626077\" style=\"width:840px;height:auto\" data-eio=\"l\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis year alone, we have spent about 18 billion cedis to cover energy sector shortfalls, a level of spending that is no longer sustainable,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He stated that Ghana\u2019s economic recovery makes this an opportune time to invest in the energy sector. He further pledged efficient use of the facility to achieve the intended results.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" alt=\"\" class=\"wp-image-10032626079 lazyload ewww_webp_lazy_load\" style=\"width:840px;height:auto\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-44.jpg\" decoding=\"async\" width=\"800\" height=\"533\" data-eio-rwidth=\"800\" data-eio-rheight=\"533\" src-webp=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-44.jpg.webp\"\/><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-44.jpg\" alt=\"\" class=\"wp-image-10032626079\" style=\"width:840px;height:auto\" data-eio=\"l\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">World Bank Country Director Robert O\u2019Brien noted that the agreement underscores the World Bank\u2019s commitment to supporting Ghana\u2019s energy sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Facility Details and Focus Areas<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In June, the World Bank approved a $250 million credit from the International Development Association (IDA) and an additional $10 million grant from the Energy Sector Management Assistance Program (ESMAP) to support the four-year Ghana Energy Sector Recovery Programme for Results (PforR). <\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" alt=\"\" class=\"wp-image-10032626080 lazyload ewww_webp_lazy_load\" style=\"width:840px;height:auto\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-45.jpg\" decoding=\"async\" width=\"800\" height=\"533\" data-eio-rwidth=\"800\" data-eio-rheight=\"533\" src-webp=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-45.jpg.webp\"\/><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/10\/image-34-45.jpg\" alt=\"\" class=\"wp-image-10032626080\" style=\"width:840px;height:auto\" data-eio=\"l\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The program aims to improve the financial sustainability of electricity distribution and expand access to clean cooking solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The PforR will also provide direct financing to energy sector utilities to enhance capital expenditure programs, complementing regulatory and policy reforms under the World Bank development policy financing series and the IMF\u2019s Extended Credit Facility.<\/p>\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n               \n <!-- Post Tags -->\n                \n\n                        \n\n    \n                                 \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana has signed a $260 million Energy Sector Recovery Programme facility with the World Bank to boost the sector\u2019s recovery and financial stability. The agreement, signed in Washington, DC, on the sidelines of the IMF\/World Bank Annual Meetings, targets improvements in revenue collection and energy supply quality through investments in prepaid metering and commercial meter [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":239711,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-239710","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana signs $260m Energy Sector Recovery facility with World Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/26\/ghana-signs-260m-energy-sector-recovery-facility-with-world-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana signs $260m Energy Sector Recovery facility with World Bank - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana has signed a $260 million Energy Sector Recovery Programme facility with the World Bank to boost the sector\u2019s recovery and financial stability. 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