Ghana Compact Signing Ceremony

 

U.S. Department of State, Treaty Room
2201 C Street, Northwest Washington, DC 20520

The ceremony will celebrate the signing of the Millennium Challenge Corporation Compact with the Government of Ghana.

The five-year, $498.2 million investment is designed to reduce poverty through economic growth by supporting the transformation of Ghana's power sector and stimulating private investment. The compact seeks to create a self-sustaining power sector that will meet the current and future needs of households and businesses. The compact takes a holistic approach with six projects across three areas:

  • Distribution
  • Generation
  • Access to Energy

The compact also supports Ghana's efforts to mitigate climate change by funding major energy-efficiency initiatives and improving the investment climate for renewable energy. At the heart of the compact is a strong commitment from the Government of Ghana to implement reforms needed to transform its power sector and put it on a path to profitability and sustainability. The Government of Ghana has also pledged to invest at least $37.4 million of its own money.

The compact will be managed and implemented by the Millennium Development Authority, a government entity governed by an independent board of directors consisting of representatives of Ghanaian government ministries, the private sector and civil society.

Participants

  • His Excellency John Dramani Mahama, President, Republic of Ghana
  • The Honorable John Kerry, U.S. Secretary of State
  • The Honorable Seth Terkper, Minister of Finance and Economic Planning, Republic of Ghana
  • The Honorable Dana J. Hyde, CEO, Millennium Challenge Corporation