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Ghana and five other African countries are set to benefit from United States President Barack Obama's new initiative dubbed "Power Africa", which aims to build on Africa's power potential.
The initiative is to double access to power in sub-Saharan Africa and to build on new discoveries of vast reserves of oil and gas as well as the potential to develop clean geothermal, hydro, wind and solar energy, says Grant Harris, who doubles as the Special Assistant to President Obama and Senior Director for African Affairs on the National Security Staff of the White House.
He was speaking in a video conference Wednesday held as a post-trip recap of President Obama's recent visits to Senegal, South Africa and Tanzania with Michelle Obama and their two daughters.
Harris said the president's trip, which was done early in his second term showed a strong signal of the significance of sub-Saharan Africa to US interest. It was also to make a push to deepen US investments in Africa's development, strengthening democratic institutions and investing in the next generation of African leaders.
Harris said in all the three countries which President Obama visited, three core issues were the main focus namelyexpanding economic growth, strengthening democratic institutions and investing in the citizenry.
Ethiopia, Kenya, Liberia, Nigeria and Tanzania are the other five countries billed to benefit from the power initiative. Ghana and the five countries had been chosen because they had set ambitious goals in electric power generation and were making the utility and energy sector reforms to pave the way for investment and growth.
The Power Africa initiative is expected to also partner Uganda and Mozambique on responsible oil and gas resources management. Harris said the US had pledged to commit more than seven billion USD in financial support over the next five years to the effort.
The United States Agency for International Development (USAID) would also provide US$285 million in technical assistance, grants and risk mitigation to advance private sector energy transactions and help governments to adopt and implement the policy, regulatory, and other reforms necessary to attract private sector investment in the energy and power sectors.
Additionally, the Millennium Challenge Corporation would invest up to US$1 billion in African power systems through the country compacts, to increase access and the reliability and sustainability of electricity supply through investments in energy infrastructure, policy and regulatory reforms and institutional capacity building.
The Overseas Private Investment Corporation, US Export-Import Bank and the US Trade and Development Agency are also expected to make collaborative financial commitment towards the initiative.
Source: Bernama.com
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Ghana and five other African countries are set to benefit from United States President Barack Obama's new initiative dubbed "Power Africa", which aims to build on Africa's power potential.
The initiative is to double access to power in sub-Saharan Africa and to build on new discoveries of vast reserves of oil and gas as well as the potential to develop clean geothermal, hydro, wind and solar energy, says Grant Harris, who doubles as the Special Assistant to President Obama and Senior Director for African Affairs on the National Security Staff of the White House.
He was speaking in a video conference Wednesday held as a post-trip recap of President Obama's recent visits to Senegal, South Africa and Tanzania with Michelle Obama and their two daughters.
Harris said the president's trip, which was done early in his second term showed a strong signal of the significance of sub-Saharan Africa to US interest. It was also to make a push to deepen US investments in Africa's development, strengthening democratic institutions and investing in the next generation of African leaders.
Harris said in all the three countries which President Obama visited, three core issues were the main focus namelyexpanding economic growth, strengthening democratic institutions and investing in the citizenry.
Ethiopia, Kenya, Liberia, Nigeria and Tanzania are the other five countries billed to benefit from the power initiative. Ghana and the five countries had been chosen because they had set ambitious goals in electric power generation and were making the utility and energy sector reforms to pave the way for investment and growth.
The Power Africa initiative is expected to also partner Uganda and Mozambique on responsible oil and gas resources management. Harris said the US had pledged to commit more than seven billion USD in financial support over the next five years to the effort.
The United States Agency for International Development (USAID) would also provide US$285 million in technical assistance, grants and risk mitigation to advance private sector energy transactions and help governments to adopt and implement the policy, regulatory, and other reforms necessary to attract private sector investment in the energy and power sectors.
Additionally, the Millennium Challenge Corporation would invest up to US$1 billion in African power systems through the country compacts, to increase access and the reliability and sustainability of electricity supply through investments in energy infrastructure, policy and regulatory reforms and institutional capacity building.
The Overseas Private Investment Corporation, US Export-Import Bank and the US Trade and Development Agency are also expected to make collaborative financial commitment towards the initiative.
Source: Bernama.com
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