Business in Ghana

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Archive for August, 2014

World Bank Group Commits US$ 5 Billion to Boost Electricity Generation in Six African Countries

Posted by Business in Ghana on August 6, 2014

WASHINGTON, August 5, 2014 – The World Bank Group today committed $5 billion in new technical and financial support for energy projects in six African countries– Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania_which have partnered with President Obama_s Power Africa initiative. 
Making the announcement on the second day of the 1st US-Africa Summit, World Bank Group President, Dr. Jim Yong Kim, said the new financial commitment was urgently needed to generate more electricity for the people of Africa, 600 million of whom have no access to electricity, despite the fact that Africa possesses some of the world_s largest hydropower, geothermal, wind and solar potential, as well as significant oil and natural gas reserves.

We think that the U.S. Power Africa initiative will play an extremely important role in achieving the goal of providing electricity for Africa. So today I’m very pleased to announce that the World Bank Group, following President Obama’s lead, will partner with Power Africa by committing $5 billion in direct financing, investment guarantees, and advisory services for project preparation in Power Africa’s six initial partner countries, Ethiopia, Ghana, Kenya, Liberia, Nigeria, and Tanzania. The U.S. Government and the World Bank Group are working now on specific tasks and milestones which could help to achieve one quarter of Power Africa’s goal of generating 10,000 megawatts of new power in Sub Saharan Africa,_ Kim said. Read the rest of this entry »

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IMANI Report:  Electricity Privatization Conundrum- ECG is NOT for sale

Posted by Business in Ghana on August 4, 2014

Ghana has concluded agreements with the Millennium Challenge Corporation (MCA) for a $500m investment in Ghana’s energy sector. Specifically in the electricity sector, intense private participation is a requirement for drawing down the funds. Unfortunately given Ghana’s history of badly managed privatization deals, some rightly, are speculating the deal is an outright sale of ECG. This report is a complete evaluation of the agreement and the entire process which when aptly executed will revamp the electricity sector and help alleviate the challenges confronting the country in its energy sector. It provides in brevity the conditions in the MCA in relation to the second phase of the compact agreement and the expectations for disbursement of funds. Read the rest of this entry »

Posted in Energy, Franklin Cudjoe | Tagged: , , , , , | 2 Comments »

Letter To My Father. Critical News, 3rd August 2014

Posted by Business in Ghana on August 3, 2014

Sydney Casely-Hayford, sydney@bizghana.com

Hi Dad. Twenty-five years and 1989 seem like such a long time ago. Yet it feels so close. Losing you was a big blow and I speak for my brothers and our mother, but I think we have adjusted well. We miss you and talk about you all the time, so we kind of have you close, closer and really surreal.

But Victor’s death. You remember, Chocolate Kid’s son? We buried him over the weekend, surrounded by family, cousins, uncles, and now I have nephews and nieces and a namesake for me, Sydney spelt exactly as mine, brought tear ducts into play and I shed a few. Death rocked the foundations this weekend.

The service was too long, the Charismatics grabbed a license and yelled at all sinners, berated them for not being holy. I thanked my stars that I veered away from Christianity a while back.

I never became a Bahai either, despite all your efforts and wishes, and after I foraged into Buddhism, I am still left with the practical life of a Buddhist but without religious overtures. I am content as a free thinker and well anchored in my desire to achieve a better life wherever I find myself.

But there is good news wherever there is bad. Isn’t that what you always said about silver linings? Leo’s Natasha got married in Connecticut. She is all grown up and settled and such a beautiful person. Hmm, she is also a dancer. Seems like the women in the family all have that bent. My Ayesha is also into stage and theater, and very good too. And she is still practicing law. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , , , , | 1 Comment »

Secondary Education Improvement Project

Posted by Business in Ghana on August 1, 2014

Frequently Asked Questions and Answers

  1. Why did the World Bank agree to lend money to Ghana for secondary education at this time of tight budget control? Ghanas Constitution mandates that all efforts are made to make education gradually universal and progressively free. With access to primary education becoming near universal in Ghana, new priorities are emerging at post-basic level where the demand for secondary education is fast increasing and the supply of SHS has not kept pace.  Ghanas middle income status will also require more secondary level graduates with the relevant skills to continue their education and/or enter the labor market, hence investing in secondary education at this time will improve the human capital of the country, and also improve long-term competitiveness, access jobs and improve peoples lives and incomes. Borrowing for these objectives is a smart investment as the terms of borrowing from IDA is also concessional compared to the commercial financial market rates.
  2. Why only senior secondary schools and not technical or basic schools?  The purpose of the project does not preclude investing in technically oriented SHS programs and where selected SHSs offer technical and vocational programs, these will be supported.  Most of the external funding for the last 15 years has been going to basic and technical education. The SHS is considered as an underfunded level and a bottleneck in the education system with significant challenges in terms of equity, access and quality. The Banks support is not mutually exclusive of other subsectors.  In fact, the support to secondary education complements current ongoing support for increasing the quality of basic education (GPEG-US$75.5 million), improving skills training and science and technology adoption (GSTDP-US$70 million), improving higher education relevance and centers of excellence (Oil and Gas Capacity Building Project and the African Centers of Excellence Project).  The basic education sector is also well supported by several development partners whose efforts are coordinated by the education sector.  These include DFID supporting girls scholarships at primary and JHS level, USAID supporting reading and learning assessments at basic level, UNICEF supporting basic education for out of school children, JICA supporting science and math education and WFP.  The African Development Bank, Germany (KfW and GIZ) and DANIDA also provide significant support for TVET and skills development.  The Bank works closely with all of these partners to ensure collaboration and coordination in its support for education in Ghana.
  3. What are the components of the project?  The US$156 million project is intended to be implemented over a five year period, 2014-2019. It will use a results-based financing approach, which means that funds are only released based on pre-identified achievement of specific results expected to help Ghana see improved educational outcomes in an equitable manner. The results based approach, as a tool, focuses on results or outcomes rather than inputs.  The Objective of the project is to increase access to senior secondary education in underserved districts and improve quality in low-performing senior high schools in Ghana.

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