World Bank approves 260 mln USD to support energy sector in Ghana

By Justice
  • World
  • Friday, 14 Jun 2024

ACCRA, June 13 (Xinhua) -- The World Bank Group has approved 260 million U.S. dollars to support Ghana's efforts in improving electricity distribution and enhancing access to clean cooking energy, according to a release issued Thursday.

The funding comprises a 250-million-dollar loan and a 10-million-dollar grant.

This financial support will contribute to Ghana's Energy Sector Recovery Program (ESRP), aimed at enhancing the financial viability of electricity distribution and expanding access to clean cooking solutions. The ESRP focuses on improving revenue collection and reducing electricity distribution losses to enhance the operational and financial performance of Ghana's energy utilities.

Specifically, the clean cooking component of the program aims to provide greater access to liquefied petroleum gas for Ghanaian households, schools and businesses. Additionally, the program will directly incentivize the adoption of stoves and accessories by first-time domestic users, commercial caterers and second-cycle schools.

"Through this important results-based financing, the World Bank is committed to supporting the recovery of Ghana's energy sector and its financial sustainability," said World Bank Country Director for Ghana, Liberia and Sierra Leone Robert Taliercio. "The operation aims to strengthen revenue collection and improve the quality of energy supply, including through investments in prepaid metering and the commercial and meter management systems of distribution utilities."

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