{"id":242631,"date":"2024-10-31T09:06:27","date_gmt":"2024-10-31T09:06:27","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/31\/ghanas-energy-sector-gets-260m-world-bank-deal\/"},"modified":"2024-10-31T09:06:27","modified_gmt":"2024-10-31T09:06:27","slug":"ghanas-energy-sector-gets-260m-world-bank-deal","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/31\/ghanas-energy-sector-gets-260m-world-bank-deal\/","title":{"rendered":"Ghana’s Energy Sector Gets $260m World Bank Deal"},"content":{"rendered":"

<\/p>\n

\n

Dr Mahammed Amin Adam<\/strong><\/p>\n

\u00a0<\/p>\n

Ghana has taken a significant step towards revamping its energy sector, signing a $260 million deal with the World Bank to address the $1.2 billion losses and inefficiencies plaguing the industry.<\/p>\n

The Energy Sector Recovery Programme, which includes a $250 million credit for procuring one million electricity meters and a $10 million grant for promoting clean cooking, aims to enhance energy efficiency and operational effectiveness.<\/p>\n

Background of the Energy Crisis<\/strong><\/p>\n

Ghana\u2019s energy sector has been grappling with significant challenges, including high electricity distribution losses and low collection rates.<\/p>\n

In 2024 alone, the government had to provide approximately GH\u00a218 billion to cover sector shortfalls.<\/p>\n

The situation has been exacerbated by the country\u2019s growing demand for energy, which has put pressure on the existing infrastructure.<\/p>\n

Key Components of the Deal<\/strong><\/p>\n

The World Bank\u2019s Programme for Results (PforR) initiative will facilitate a viable process for meter procurement, ensuring transparency in the Cash Waterfall Mechanism and reducing revenue collection losses for the Electricity Company of Ghana (ECG).<\/p>\n

The clean cooking initiative will receive an initial 20% of financing directly.<\/p>\n

Government Commitment<\/strong><\/p>\n

Minister for Finance, Dr. Mohammed Amin Adam emphasized the government\u2019s commitment to transforming the energy sector to improve its financial viability.<\/p>\n

Deputy Energy Minister Collins Adomako-Mensah expressed confidence in meeting the project\u2019s timelines and goals.<\/p>\n

World Bank\u2019s Perspective<\/strong><\/p>\n

Dr. Robert Taliercio O\u2019Brien, World Bank Country Director for Ghana, Liberia, and Sierra Leone, highlighted the importance of the program for improving energy sector efficiency and financial performance.<\/p>\n

Asjish Khanna, World Bank\u2019s Protective Manager for West and Central Africa Energy, explained that funds will only be paid out upon achieving specific results, such as reduced collection losses.<\/p>\n

This deal marks a significant milestone in Ghana\u2019s efforts to stabilize its energy sector and improve the quality of life for its citizens.<\/p>\n

BY Daniel Bampoe<\/strong><\/p>\n

\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"

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