Speaking to journalists in New York, after a courtesy call by the Chief Executive of the MCC, Dana Hyde, President Mahama said with the implementation and disbursement of the compact which would commence, soon, a focused and increased stakeholder consultation would help the process.

The second compact, worth $498.2 million is focused on growing Ghana’s power sector.

Workers of the Electricity Company of Ghana (ECG) have been protesting plans to introduce private sector involvement in the management of the company. Ghana has already accessed a first compact of $547 million over a five-year period, which was committed to poverty reduction strategies.

This second compact, which would also run for a five-year period, is not only geared towards transforming the energy sector but would also bring on board private sector investments in the power sector.

The Millennium Challenge Corporation only grants new compacts to countries that have fully utilised previous funds for the intended purpose. The MCC Chief Executive congratulated Ghana for achieving entry into force of the Ghana Compact.

“President Mahama also spoke to journalists about his bilateral talks with the President of Portugal, Marcelo Rebelo and David Grangar of Guyana,” the statement said.

By Times Reporter