Energy sector

19 Jun

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

Wontumi1BusinessEnergy 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

Wontumi2BusinessEnergy 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…