German powerhouse in electricity and digitization Siemens has signed a $250 million infrastructure deal with the Ghana Grid Company Limited (GRIDCo) under the G20 Compact with Africa (CwA).
The agreement will see Siemens work collaboratively with GRIDCo to upgrade and extend Ghana’s power transmission infrastructure, improve the country’s grid capacity and stability, as well as expand a stable power export to neighbouring countries in the West African Power Pool.
President and Chief Executive Officer of Siemens Joe Kaeser, who led a team to the Jubilee House to call on President Nana Addo Dankwa Akufo-Addo, said he is excited the deal has finally been completed.
“The MOU we have signed together with our partners, GRIDCO is aimed at modernizing the whole grid of Ghana to bring power to the people in a more efficient way,” Mr. Kaeser said.
President Akufo-Addo noted the signing of the MOU is a very important development in the history of the country.
“This is a very welcomed development for us and the idea that Ghana is the first country on the continent to be getting a very significant transaction out of the G20 Compact with Africa) is in itself a big vote of confidence by the German Leadership.
“We welcome that expression of confidence and we want to assure you that the monies will be put to good use.”
Siemens is one of the world’s largest producers of energy-efficient, resource-saving technologies.
The company is a leading supplier of systems for power generation and transmission as well as medical diagnosis. In infrastructure and industry solutions the company plays a pioneering role.
The G20 Compact with Africa (CwA) was initiated under the German G20 Presidency to promote private investment in Africa, including in infrastructure.