Officials of the Ghana government and the World Bank have signed a US$46.2 million loan agreement to finance additional Volta River hydro project rehabilitation and transmission system work.
The work is to implement the second phase of the Coastal Transmission Backbone project supporting the West Africa Power Pool. In 2006, Ghana received first phase funding of US$45 million from the bank. (HNN 7/3/06)
The government’s Ghana News Agency said the latest loan, which was signed December 4, has a 30-year term of credit, a ten-year moratorium, .75 per annum service charge and .5 percent per annum commitment fee. The funds are to be passed through to the Volta River Authority (VRA) to carry out the work.
The funds are to be used to:
o Extend the Akosombo project switchyard;
o Rehabilitate Akosombo cranes and penstocks;
o Upgrade the VRA supervisory control and data acquisition (SCADA) center at Tema (HNN 7/7/06);
o Procure and install modern circuit breakers and relays at the Kpong project switchyard;
o Construct a third bulk supply point for Accra/Tema load centers (HNN 10/30/07); and
o Provide simulation, training modules, and human capacity development.
World Bank Country Director Ishac Diwan hailed Ghana’s leading role to integrate the national power systems of members of the Economic Community of West African States. He called the Ghana work a flagship project in the sub-region that is likely to be emulated by other regional blocs when complete.