energy sector Archives - Wontumi Online

29 Jan

Ghana To Get $150 Million From World Bank To Improve Energy Sector

CUD Wontumi0 CommentsBusinessenergy sector, imf

The World Bank Board of Directors has approved a $1.6 billion landmark investment programme to bolster regional power system integration, enhance energy security, and advance the transition to a more affordable, sustainable, and lower carbon power sector in West Africa. Out of the portfolio, Ghana would be allocated $150 million to support the country’s energy sector to ensure reliable electricity supply to households in the country, industries and businesses. The $1.6 billion multiphase West Africa Regional Electricity Market Programme (WA-REMP), supported by the International Development Association (IDA), would address crucial electricity needs for households, industries, and medium-sized companies, as well…

19 Jun

World Bank Approves US$260 Million For Ghana’s Energy Sector

wontumionlineBusinessenergy sector, world bank

The World Bank has approved a $250 million credit from the International Development Association (IDA) and an additional $10 million grant from the Energy Sector Management Assistance Programme. The development Programme aims to support a 4-year Ghana Energy Sector Recovery Programme for Results (PforR) to improve the financial viability of electricity distribution and increase access to clean cooking solutions. A release issued by the Ministry of Finance (MoF) today, said the PforR will provide financing directly to energy sector utilities to implement capital expenditure programmes and complement regulatory and policy reforms of the energy sector supported under the World Bank’s…

27 Jan

Energy Sector Arrears Stood At $1.6bn In 2022

wontumionlineBusinessenergy sector

Ghana’s energy sector arrears stood at some $ 1.6 billion, about 2.3 percent of Gross Domestic Product at the end of 2022. According to the International Monetary Fund, the non-energy sector arrears at about GH¢35 billion (5.8% of Gross Domestic Product). In its 2023 Article IV Consultation, the Bretton Wood institution said the government continued to accumulate payables during the first half of 2023, hence breaching the related programme indicative target (IT). “The government had accumulated significant arrears in recent years. The stock-taking exercise conducted by the authorities (structural benchmark) assessed an overall stock of arrears at end-2022 broadly consistent…

18 Jul

World Bank Supports Energy Sector Amid Economic Challenges

wontumionlineBusinessAnna Bjerde, energy sector, world bank

The World Bank has pledged ongoing support to address the country’s deteriorating energy sector, particularly the power sub-sector where huge losses are a recurring theme. Anna Bjerde, the World Bank’s Managing Director for Operations, during a visit to Accra, stressed the need for comprehensive measures to prevent further losses and ensure a consistent electricity supply, if the country is to recover from the ongoing economic difficulties it faces. She explained that the bank sees an efficient energy sector as key to economic recovery, providing much-needed electricity to power industries and invigorating economic activity. Currently, the energy sector’s financial performance is…