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Thursday, August 7, 2014
Ghana will see the US invest an estimated $500 million to help the West African country modernize its power sector. Ghana has been looking for ways to attract private investment in the sector in an effort to boost its power generating capabilities.
Secretary of State John Kerry and Ghanaian President John Mahama signed the Ghana Power Compact recently. The compact is part of the US’ Power Africa program initiated by US president Barack Obama. Currently Obama, his administration, and Washington DC as whole are playing host to a number of African dignitaries who are in the country to attend the US-Africa Business Forum.
Ghana is looking for cheaper sources of feedstock for its power generation and just recently the country’s president, John Mahama, charged his economic team with the task of coming up with cheaper alternatives to light oil for power generation. One of those alternatives is the importation of LNG and toward that end Ghana will see an offshore LNG terminal constructed off the coast near Tema.
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