World Bank Approves US$250 Million for Ghana’s Energy Sector

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Photo taken on Sept. 12, 2012 shows the logo of the World Bank headquarters in Washington D.C., capital of the United States. (Photo/Xinhua)
Photo taken on Sept. 12, 2012 shows the logo of the World Bank headquarters in Washington D.C., capital of the United States. (Photo/Xinhua)

Ghana’s energy sector is set to receive a significant boost following the approval of a $250 million credit facility by the World Bank.

This funding is intended to address critical infrastructure needs and improve the reliability of electricity distribution across the country.

The credit facility will be used to upgrade existing infrastructure, expand access to electricity in underserved areas, and support the integration of renewable energy sources into the national grid. The initiative is part of a broader effort to stabilize Ghana’s energy supply, which has been plagued by frequent outages and inefficiencies.

Energy Minister Matthew Opoku Prempeh emphasized the importance of this funding, stating, “Improving the reliability of electricity is essential for economic growth and the well-being of our citizens. This support from the World Bank will help us address some of the most pressing issues in our energy sector.”

The World Bank’s Country Director for Ghana, Pierre Laporte, remarked, “This initiative aligns with our commitment to supporting Ghana’s sustainable development goals. Reliable electricity is a cornerstone of economic development and social progress.”

The support from the World Bank is expected to enhance the quality of life for many Ghanaians, as well as stimulate economic growth by providing more reliable power for businesses and industries. This development marks a significant step towards enhancing the country’s energy infrastructure and sustainability

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