Audio By Carbonatix
In the coming weeks, Ghana is likely to receive financial support from the African Development Bank (AfDB) to address current challenges facing the power sector.
The Bank is currently working towards releasing some millions of dollars to support selected private firms working in the power sector.
The current power crisis has affected various sectors of the economy, with the manufacturing firms being the hardest hit.
This has resulted in some businesses laying off some of their staff while others have had to shut down.
President of the African Development Bank, Akinwumi Adesina, says an AfDB support has become inevitable due to the extent of the crisis.
“We are going to be there to support how to reduce risks facing lenders,” Mr Adesina said. He said the AfDB would be doing this through partial risk guarantee facilities.
AfDB would also support the Electricity Company of Ghana with key reforms to improve power distribution.
Latest Stories
-
Central Regional Minister urges use of religious platforms to change environmental, sanitation practices
1 minute -
Henry Kweku Banning
2 minutes -
Execution of US murderer Christa Pike halted an hour before it was due to happen
4 minutes -
GoldBod generates US$1.87bn in FX in September, exceeds monthly target
7 minutes -
SOE comments controversy: ‘We must never abandon our humanity because of judicial office’ – CJ
17 minutes -
Samuel Kojo Brace declares intention to contest NPP parliamentary primary in Ahanta West
18 minutes -
Dr Apaak calls for evidence-based education response to emergencies
22 minutes -
Pilot may have sought to crash Israel-bound flight after stabbing other pilot, Netanyahu says
26 minutes -
Report flags potential money laundering, terrorist financing risks among Ghana’s NGOs
27 minutes -
Breast Cancer Awareness Month launched: 2,695 women die from breast cancer annually — Dr Ann-Dadzie
34 minutes -
Mahama’s proposed airline looks to South America, Caribbean as Ghana confronts mounting drug trafficking cases
50 minutes -
5% progress on Suame Interchange Phase One inadequate – Roads Minister tasks contractor to speed up work
52 minutes -
Photos: Vice President joins GAAS Awards to celebrate outstanding women leaders
53 minutes -
OSP vs Ken Ofori-Atta, SML and others: Court gives OSP four more weeks to serve Ofori-Atta with summons
55 minutes -
High Commission sends caution to Ghanaians in South Africa ahead of planned protests
58 minutes