GRIDCo secures $60m loan from ECOWAS Bank to improve transmission

The ECOWAS Bank for Investment and Development (EBID) has signed a loan agreement extending a facility of USD 60 Million to the Ghana Grid Company Limited (GRIDco).

The purpose of the facility is to finance the installation and upgrading of transmission lines in the Republic of Ghana.

The signing ceremony took place on 18^th October 2022 at the head office of the Bank in Lome, Togo. 

The President and Chairman of the Board of Directors of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor, signed on behalf of Bank while the Chief Executive Officer of GRIDco, Ing. Ebenezer Kofi Essienyi, signed on behalf of GRIDco. 

In his short remarks, Dr. Donkor, observed that as ECOWAS Member States work towards post COVID-19 economic recovery, it will be necessary regional electricity connectivity also expands in order to accommodate growth.

In this regard, he emphasised the need for expansion of electricity infrastructure in the sub-region as a key sector that must be given the necessary attention.

Dr. Donkor disclosed that the Bank’s total commitment to Ghana stood at USD 250 Million as of October 12, 2022.

He reiterated the Bank’s commitment to continue to finance infrastructure projects across all sectors of the economies of ECOWAS Member States to accelerate recovery and development for the Sub-region.

The President of EBID observed that the project was in line with the Bank’s strategic objectives and aligned perfectly with Ghana’s Agenda for Jobs II.

Taking his turn, the Chairman of the Board of Directors of GRIDCo, Ambassador Kabral Blay-Amihere, indicated that the projects to be undertaken with EBID’s facility were part of a broader plan of GRIDCo to upgrade and install infrastructure to continue to improve efficiency and increase the transmission of power within Ghana and other West African Counties such as Togo, Benin, Burkina Faso, Mali and Cote D’Ivoire.

While appreciating the confidence reposed in GRIDCo by EBID, he stated that the completion of the project would lead to strengthening and expansion of the transmission network, reducing  technical losses and enhancing businesses and livelihoods in Ghana and the ECOWAS subregion.

Ambassador Blay-Ahimere commended the President of EBID and his team for their dedication and professionalism that saw the expeditious completion of the credit process and the consummation of the transaction. 

Present at the ceremony were the Ghana’s Ambassador to Togo, His Excellency Kofi Demetia, Executives from C-Nergy Ghana, and the Managing Director of Calbank PLC., Mr Philip Owiredu.