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