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Thursday 28 March 2024

2021-04-07

[N] As Majority Leader be circumspect with your utterances

2021-03-19

[I] Goldman Sachs staff revolt at ‘98-hour week’
[I] Over half of staff go back to workplace
[I] Health chiefs confirm Oxford-AstraZeneca Covid jab safe to use
[S] Kotoko Signs Second Brazalian Player
[N] It Is A Blatant Lie That I’ve Declared My Prez Ambition-Agric Minister
[S] Accra Mayor to change face of sports in Greater Accra
[S] Ambassador Lutterodt charges GOC prez to tackle Martha Bissah issue
[S] Ben Nunoo-Mensah hits ground running for GOC
[S] Black Stars to Engage Uzbekistan In International Friendly
[N] House of Chiefs calls for collaboration with MMDCEs for development
[N] Baby Harvesting: More suspects picked
[N] Police pledge commitment to bringing Sheikh Maikano’s murderers to book
[B] ARB Apex Bank admitted to Ghana-Sweden Chamber of Commerce
[N] Desist from starting race ahead of time - Obiri Boahen to NPP presidential
[N] Gov’t announces construction of five interchanges in Ashanti
[N] Controversial textbooks: NPP urges NaCCA to enforce rules without fear or favour
[N] Staff working on Tamale interchange call off strike
[N] Newly proposed taxes a huge hindrance to businesses’ recovery
[N] Government can’t take a unilateral decision on salaries for public workers
[N] Ghana records 2 new Covid-19 variants; experts call for immediate action

2021-03-17

[S] First GFA safety and security seminar takes place today
[B] NDPC holds consultation medium term framework for 2022-2025 in Oti
[B] More investments recorded in Western Region despite COVID-19
[N] Ghana records 698 COVID-19 deaths
[N] NDC’s Ofosu Ampofo behaves like a toddler – Allotey Jacobs
[S] Don’t tax sports betting, ban it – Ato Forson to government
[N] Ama Benyiwaa Doe slams Allotey Jacobs; says he has no influence
[N] Approving Akufo-Addo’s ministers ‘regrettable and unfortunate’ – NDC caucus
[S] Don't rush Satellites players, warns GFA coaching boss
[N] Eastern Regional Hospital detains 246 patients for non-settlement of bills
[N] COVID-19 vaccination in Ghana: 1,000 reports received on adverse effects
[N] Ignore reports of rift between local, foreign staff at AfCFTA secretariat – Govt
[N] Remain calm, support our leadership in Parliament – NDC Council of Elders
[N] Ghana hasn’t recorded any case of blood clots from COVID-19 vaccination – FDA
[N] 9-year-old boy burnt to death as stepfather sets house ablaze
[B] Budget cuts for legislature, judiciary won’t be entertained – Speaker
[I] Half of UK managers back mandatory Covid vaccines for office work
[I] Brussels to propose Covid certificate to allow EU-wide travel

2021-03-16

[I] Nick Candy leads £1m drive to oust London mayor Sadiq Khan
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General News

[ 2015-05-03 ]

World Bank mobilizes $60m financing for electricity in Ghana
The World Bank Group’s Board of Executive
Directors today approved a US$60 million
International Development Association (IDA*)
credit for Ghana to improve the Electricity
Company of Ghana’s (ECG) financial performance,
minimize its commercial losses, and ultimately
contribute to increased revenue and cash flow.

The credit provides additional financing to the
Ghana Energy Development and Access Project
(GEDAP) originally approved by the Bank Group’s
Board on July 26, 2007, including US$90 million
and an additional US$70 million approved on June
3, 2010.

The GEDAP funds have broadly supported (i) Sector
and Institutional Development; (ii) Electricity
Distribution Improvement; (iii) Electricity Access
and Renewable Energy; (iv) Expanded Capacity for
Electricity Distribution Improvement; (v) Revenue
Collection Improvement; and (vi) Management and
Planning Enhancement.

Most of this new financing will be used to
increase the scope and impact of ongoing
activities to strengthen ECG’s billing and
metering systems to improve its operational
efficiency. As the agency responsible for managing
the energy consumer accounts, ECG’s performance
has a major impact on the entire energy value
chain.

Ghana is currently experiencing a significant
shortage of electricity. Improving ECG’s
performance could help create better conditions
for attracting private financing to generate
desperately needed new power. This shortage of
power is also curtailing economic growth and
adversely affecting the profitability and
sustainability of businesses.

ECG’s operational and financial performance is
critical to the sustainability of the entire
energy sector value chain.

Despite continued efforts in reducing operational
losses and cost-reflective tariffs, ECG’s
revenue collection performance has declined while
its costs have increased sharply. The
long-standing issue of public bodies not paying
for their electricity continues to burden the
sector without any reimbursements of the
uncollected revenues from the Government.

“We are happy to be providing additional
resources to support Ghana’s energy sector and
it is our hope that ECG would use these resources
to build much needed operational capacity, fix the
bottlenecks hindering its smooth operation and
financial stability, and deliver reliable and
sustainable services to its customers,” said
Yusupha Crookes, World Bank Country Director for
Ghana.

ECG needs to invest about US$200 million annually
over the next decade to keep up with rapidly
growing power demand and improve service quality
to acceptable levels. A significant portion of
ECG’s investments are funded by short-term
commercial debt and suppliers’ credits, which
are expensive and pose an additional financial
burden on the sector.

Source - World Bank



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