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French agency AFD to finance more power projects in Ghana

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ElectricityMr. Yves Boudot, Director for the Agence Francaise de Development (AFD) for Africa, on Tuesday said the company would continue to finance power projects in Ghana

He said the AFD has available wide range of financing options to support government’s efforts at achieving its power sector objectives.

A statement signed by Mr. Ras Liberty Amewode, Deputy Head of Communications of the Ministry of Energy and Petroleum, copied to the Ghana News Agency, said Mr. Boudot made the promise at a meeting with the sector Minister, Mr Emmanuel Armah-Kofi Buah, in Accra.

Mr. Boudot said the AFD has demonstrated that efficient public companies could have access to direct international financing without state guarantee.

He said AFD was financing the reinforcement and extension of the power grid in Northern Ghana and Bukina Faso, which would allow the Ghanaian national electricity transmission company, GRIDCO, to scale up development in the region.

Mr Boudot said the extension of power grid in Northern Ghana would have substantial economic, political and environmental benefits for the West African sub-region.

He said the program’s main objective is to make Ghana’s existing power grid more reliable, and to scale up its capacity by reducing the current imbalance between the North and South of the country and support the development of Northern Ghana.

Mr Boudot said the AFD’s support for the country in the implementation of its strategy for the generation component by financing the rehabilitation of the Kpong hydro power plant would continue, adding that plans were in place to provide support for other projects.

Mr Buah said the relationship between Ghana and France continues to grow from strength to strength, recalling the current visit by President John Mahama to France.

The Minister said Ghana’s quest to achieve 5000 megawatts power generation capacity was on course, and asked for support from AFD, adding that ‘’the ministry was working to strengthen the utilities for greater efficiency’’.

Also at the meeting were Mr Benjamin Dagadu and Mr John Jinapor, the two Deputy Ministers of Energy and Petroleum, Professor Thomas Akabzaa, the Chief Director at the Ministry and Mr. Kweku Awotwi and Mr. Kirk Koffie, both officials of Volta River Authority in charge of operations.

Source: GNA

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