MCC Plans To Approve Ghana’s Second Compact By Next Year

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The country should be able to access funds for its second compact with the Millennium Challenge Corporation (MCC) by the middle of 2014.

This can be realised after the corporation has approved Ghana’s compact by March next year.

The country is now looking for some 745 million dollars for projects outlined under second compact of the Millennium Challenge Account (MCA) programme.

The US government is expected to take up about 565 million dollars of the projects cost while the government of Ghana together with private businesses take up the rest.

Out-going Country Director of MCC Ghana, Katrina Ntep explains to Joy Business how the funds can be secured for the projects.

“We fund specific projects and so the money is paid to contractors, consultants in Ghana and elsewhere to support the investment that we are financing. So infrastructure is constructed and consultancies rolled out that the money really starts flowing.”

Madam Ntep adds that current budget cuts in the US will not affect Ghana’s second compact.

Ghana’s second compact is expected to focus on the Energy Sector.

Ghana was last year selected for the program by the US under the Millennium Challenge program. This was after it successfully completed the 547 million dollar facility to help transform agriculture in the country.

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