Ghana has signed a US$260 million deal with the World Bank to help solve the US$1.2 billion energy sector losses and other inefficiencies in the sector.
The deal, under the Energy Sector Recovery Programme, comprises a US250m credit metering procurement package and a US$10m clean cooking grant component in line with the Bank's Programme for Results (PforR) initiative.
Per the agreement, the World Bank would be facilitating the procurement of the one million metres through competitive bidding, with the clean cooking component seeing an advance of 20 per cent financing requirement initially.
All these are tied to targets, including a transmission of energy generation in the most cost-efficient way, transparency in the Cash Waterfall Mechanism, and optimal reduction in losses in ECG revenue collection.