Siemens AG and Ghana reached a preliminary agreement to upgrade the nation's electricity grid using 250 million euros 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 chief executive officer, Jonathan Amoako-Baah, said in November. At the time, state-owned companies alone owed GridCo 976 million cedis ($171.9 million), forcing the company to suspend some projects, he said.
To contact the reporter on this story: Yinka Ibukun in Accra at yibukun@bloomberg.net
To contact the editors responsible for this story: Andre Janse van Vuuren at ajansevanvuu@bloomberg.net, Helen Nyambura, Rene Vollgraaff
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