Speech

August 5, 2014

As Prepared by Dana J. Hyde, Chief Executive Officer

U.S. Department of State, Washington, D.C.

Remarks by MCC CEO Dana J. Hyde at the Signing of the Ghana Power Compact

Mr. President, Secretary Kerry, Mr. Minister, Senator Isakson, Friends of Ghana,

I am delighted to welcome you here for the signing of Ghana’s $498 million compact with the U.S. Government’s Millennium Challenge Corporation.

This agreement represents a major milestone in the U.S-Ghanaian partnership, and I want to thank both teams—from Ghana and from MCC—who worked tirelessly to develop this investment aimed at overcoming one of Ghana’s key constraints to economic growth.

The compact we sign today takes a system-wide approach to transforming Ghana’s power sector.  First, it invests in projects focused on distribution to make Ghana’s energy sector financially viable and capable of attracting private investment; and, second, it funds initiatives supporting greater energy-efficiency and cleaner renewable energy.

These investments will provide Ghanaian homes, schools and hospitals with the access to the reliable electricity they need to thrive.  By encouraging entrepreneurship and supporting the productivity of Ghanaian businesses, these investments will help generate economic growth.

At $498 million, the compact we sign today represents the largest U.S. Government transaction to date under the Obama Administration’s Power Africa initiative.

In addition, we estimate this $498 million will catalyze at least $4 billion in private investment and activities from U.S. and other businesses in Ghana’s energy sector over the coming years.

We believe this compact can serve as a powerful anchor and platform for overall U.S. assistance and engagement aimed at driving growth in Ghana — and throughout west Africa. 

In Ghana, the Millennium Challenge Corporation has chosen a partner who is committed to economic growth. I applaud the Mahama administration for its courage and steady conviction to take on bold reforms that will lead to opportunity for millions.

As part of this compact, Ghana has made — and will continue to make — critical policy and regulatory reforms in the power sector. These reforms will sustain our efforts and will give global, American and Ghanaian businesses greater confidence to invest. As a reformer, Ghana is truly a shining example and a model of an effective partner for MCC and the U.S. Government. 

So, today is a win-win for the people of Ghana and the people of the United States who believe in a peaceful and prosperous Africa. Congratulations to all who made this partnership possible and who will work now to realize its promise.

It is now my pleasure to introduce U.S. Secretary of State John Kerry.