Washington, D.C.—The U.S. Government’s Millennium Challenge Corporation Ghana Power Compact is expected to catalyze at least $4 billion in private energy investment and activity from American and global energy firms in the coming years.
Read about the Ghana Power Compact’s signing ceremony at the U.S. State Department with President John Dramani Mahama of Ghana, Secretary of State John Kerry and Dana J. Hyde, MCC’s chief executive officer here.
The compact will support improved management of Ghana’s entire power system, providing a more robust framework for private investment as well as a more competitive process for the procurement of power from independent producers.
Energy executives from GE, Symbion Power, Kosmos Energy, Stanley Consultants, Standard Bank, Endeavor Energy, and Pike Electric have expressed support for MCC’s Ghana Power Compact.
“Reliable and affordable power is essential for Africa to continue to grow rapidly. MCC’s partnership with the Government of Ghana to transform its power sector and create an environment for investors to develop gas for power generation is a great example of how the U.S. Government can support countries to drive growth, open up opportunities for entrepreneurs and investors and improve the lives of Ghanaians.”--Jeff Immelt, Chairman and CEO, GE
“MCC goes to great lengths to evaluate country performance based on all the same factors that private companies look for when they make are making a decision to explore long-term investment opportunities. We invested in the Tanzania power sector in 2010 because of MCC’s presence there, and we are currently in discussions with Ghana and Malawi about investments there, where we also see very positive trends based upon reforms that are taking place as a direct result of MCC's support to their energy sectors.” --Paul Hinks, CEO, Symbion Power
“Kosmos Energy welcomes the signing of the MCC Ghana Power Compact, providing some $498 million to support power generation and distribution and to enhance the ability of the various government agencies to coordinate and maximize efficiencies. We believe the compact will facilitate the expansion of the Ghana gas facilities to handle increased volumes from our TEN project and additional gas volumes when Jubilee reaches its full potential.” --Andrew G. Inglis, Chairman and Chief Executive Officer, Kosmos Energy
“The Ghana Power Compact is a strong endorsement of the continued economic progress in Ghana and speaks highly of MCC’s investment and partnership not only with the country of Ghana, but also with U.S. engineering firms like Stanley Consultants who have a long history of working in Africa.” --Gayle Roberts, President and CEO, Stanley Consultants
“Africa contains most of the world’s fastest-growing economies, and they will attract even more U.S. investment as they strengthen public sector capacity and improve their regulatory environments for business. Because MCC enables the necessary reforms, it has earned its place as one of Africa’s most valued development partners.” --Sim Tshabalala, Chief Executive, Standard Bank
“MCC’s compact with Ghana will spur private companies like Endeavor who are already working in the region to operate with greater confidence while also sparking additional investment in an important growth market. This in turn will help create jobs and deliver a critical source of low-cost energy to the nation as well as positively impact the U.S. economy.” --Sean Long, CEO, Endeavor Energy
“MCC’s compact with Ghana will provide the opportunity for American firms, like Pike Corporation, to invest in a promising market and a critical growth region—including firms investing in West Africa for the first time.” --Ken Flechler, Vice President, Pike Corporation
MCC is an innovative and independent U.S. agency that is working to reduce global poverty through economic growth. Created by the U.S. Congress in January 2004, with strong bipartisan support, MCC provides time-limited grants and assistance to countries that demonstrate a commitment to good governance, investments in people and economic freedom.