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Ghana signs new $498 million compact with US today

Source: Graphic Online

President John Dramani Mahama and the US Secretary of State, Mr John Kerry, will today witness the signing of an agreement between Ghana and the US government’s Millennium Challenge Corporation (MCC) for the release of the second MCC compact of $498 million.

The MCC will invest the amount in the transformation of Ghana’s electricity sector and the stimulation of private investment in the sector.

The first compact brought about significant infrastructure projects, including the N1 Highway in Accra.

The MCC is an innovative and independent US agency that is working to reduce global poverty through economic growth.

Created by the US Congress in January 2004, with strong bipartisan support, the MCC provides time-limited grants and assistance for countries that demonstrate a commitment to good governance, investments in people and economic freedom.

President Mahama, who is in Washington, DC, to attend the US-African Leaders Summit, was, on Monday, a special guest, together with the Tanzanian President and Secretary Kerry, at a civil society forum.

He was also joined by the President of Mozambique to discuss Africa’s growth prospects at a forum organised by the USA Chamber of Commerce.

Ahead of today’s signing of the new compact, President Mahama and other African leaders will attend an African Business Forum with President Obama.