The fund will be used to support efficient power distribution and help reduce the power losses incurred by the Electricity Company of Ghana.

The loan is designed to address key challenges in Ghana’s energy sector, including stabilizing operations, resolving financial difficulties, and ensuring a steady electricity supply for both households and businesses nationwide.

During the discussions, the Minority raised significant concerns, particularly regarding a $90 million consultancy fee included in the agreement.

They deemed the fee excessive and called for a more thorough examination before any approval.

However, despite these objections, the loan was eventually approved. The Majority underscored the pressing need for financial support to tackle critical issues within the energy sector.

They argued that the recovery programme is crucial for maintaining energy supply, reducing debt, and fostering economic growth.

Source: Graphic.com.gh