HomeNews$60m loan secured for installation and upgrading of electricity transmission lines in...

$60m loan secured for installation and upgrading of electricity transmission lines in Ghana

GRIDCo has secured a $60m Ecowas Bank loan to finance its plan to install and upgrade electricity transmission lines in Ghana. The agreement was signed recently at the head office of the Bank in Lome.

Dr. George Agyekum Donkor, President, and Chairman of the Board of Directors of EBID signed on behalf of the bank, while Ebenezer Kofi Essienyi, Chief Executive Officer of GRIDCo, signed on behalf of Ghana’s power transmission company.

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Remarks on the project to install and upgrade transmission lines in Ghana

In a brief statement, Dr. Donkor said that the development of the sub-energy region’s infrastructure was a crucial area that required special attention, which is why the bank decided to provide assistance.

According to him, any development program needed stable power connectivity. Therefore, it was critical to provide support in that area, especially during the post-COVID-19 recovery period.

“It is crucial for the regional power connectivity to increase as ECOWAS member countries recover and flourish. This is in order to support anticipated growth, especially within the sub-region,” he emphasized.

The project from GRIDCo, he said, was in line with the bank’s strategic goals. Furthermore, it excellently complements Ghana’s Agenda for Jobs II. The EDIB President also revealed that as of October 12, 2022, the bank’s total commitment to Ghana was $250 million.

Additionally, Mr. Blay-Amihere, who was in charge of leading Ghana’s team hinted that the project to install and upgrade electricity transmission lines in Ghana would improve power transmission between Ghana and other West African nations. Which includes Togo, Benin, Burkina Faso, Mali, and Cote D’Ivoire.

The Board Chairman thanked EBID for their faith in GRIDCo and said that the project’s completion would reduce technical losses. As well as improve companies and livelihoods in Ghana and the ECOWAS subregion.

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