Ghana, Siemens sign €250m deal to upgrade power grid

16th January 2020 By: Bloomberg

Siemens and Ghana reached a preliminary agreement to upgrade the nation’s electricity grid using €250-million of financing from Germany.

Siemens and Ghana Grid Co will also use the funding to improve the country’s ability to supply other West African nations, including Burkina Faso, Togo and Benin, the Ghanaian presidency said in an emailed statement on Wednesday.

The utility is crippled by debt and has struggled to meet financial obligations including a $170-million facility with the French Development Agency, its CEO Jonathan Amoako-Baah, said in November. At the time, state-owned companies alone owed GridCo 976-million cedis, forcing the company to suspend some projects, he said.