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<br /> Washington, DC 20520