The World Bank has debunked reports that it provided financing or guarantees to the Independent Power Producers (IPPs) that signed Power Purchase Agreements with the Government of Ghana or the Electricity Company of Ghana during the energy crisis (dumsor) in 2014-2016.
In a statement, the World Bank however said it supports the Energy Sector Recovery Plan (ESRP) of the Government of Ghana for affordable and reliable electricity supply and enhance the accountability in the energy sector.
“Following recent media reports, the World Bank wishes to clarify that it has not provided any financing or guarantees to the Independent Power Producers (IPPs) that signed Power Purchase Agreements with the Government of Ghana or the Electricity Company of Ghana during the (Dumsor) energy crisis in 2014-2016”, it pointed out.
The ESRP mandates the rationalization of gas and power purchase costs in line with the demand and approves the procurement of energy supply and service contracts in a competitive manner.
The implementation of this policy [ESRP] the World Bank said will be essential to ensure that new power generation capacity is procured competitively and transparently based on the most cost-effective basis. This will prevent a recurrence of over-supply of generation capacity in future.
The World Bank Group rather provided financing and a guarantee to the Sankofa Gas Project, which since 2019 has increased the availability of natural gas for power generation by leveraging private capital investment and promoting a cleaner energy mix.
The statement concluded saying “the World Bank is committed to supporting Ghana in its efforts to sustain economic growth, accelerate poverty reduction, and enhance shared prosperity in a sustainable manner.”
Latest Stories
-
I felt rejected by Ghanaians – AY Poyoo
4 mins -
Terrorist cell of five Daesh supporters dismantled in Essaouira
37 mins -
My former manager deleted my songs from streaming platforms – AY Poyoo
50 mins -
Afronita and Abigail get standing ovation at Britain’s Got Talent
1 hour -
Accused in murder of a military officer in Kasoa remanded
1 hour -
OSP cleared Cecilia Dapaah of corruption after investigations, not AG’s office – Godfred Dame
2 hours -
OSP only gave EOCO a narrow remit to investigate money laundering – A-G
2 hours -
Ghana’s Osman Bukari wins second successive Serbian Super League title with Red Star
2 hours -
GES bemoans growing tattooing, multiple-piercing, and bleaching among pupils
2 hours -
GRA-SML deal: Majority kicks against publication of KPMG audit report
2 hours -
GOIL introduces Super XP to give consumers more affordable options
3 hours -
Scottish Premiership: Mathew Anim Cudjoe and Dundee United secure promotion after Championship win
4 hours -
Leicester City trigger buy option for Fatawu Issahaku
4 hours -
We will ensure recent poor run of results is reversed – Hearts of Oak management to fans
5 hours -
GRA terminates 2 SML contracts, suspends upstream and minerals audit deal
5 hours