VenturesNow

IMF sets date to review Ghana’s $600 million loan

Published

4 months ago

January 15, 2024

According to an email from a spokeswoman on Monday, the International Monetary Fund’s (IMF) executive board is scheduled to convene on Friday to deliberate on the initial assessment of Ghana’s $3 billion rescue loan plan.

If the review is approved by the board, a $600 million payout will be made. Once a meeting date has been set, these permissions are typically considered formalities.

Africanewswatch.com reported last week that the meeting took place on the same day that the nation that produces oil, gold, and cocoa came to an agreement to restructure $5.4 billion in official creditor debt, citing three people with direct knowledge of the situation.

Ghana wants to use the Common Framework, a debt restructuring framework established by the G20 countries during the COVID-19 conference, to restructure $20 billion of its external debt, which would amount to almost $30 billion by the end of 2022. It aims to reduce $10.5 billion in payments that are expected to be made between 2023 and 2026.

The Official Creditor Committee, which is co-chaired by China and France, has some members who are still “going through their internal procedures,” Chinese Foreign Ministry spokesperson Mao Ning told reporters at a regular news briefing on Monday.

“Recently, China encouraged all parties to overcome technical difficulties and narrow differences and finally led all parties to reach a basic consensus on Ghana’s debt settlement plan… on January 8,” Ning said via statement.

VenturesNow

Uganda discusses power line to South Sudan with China’s Sinohydro

Published

2 hours ago

May 15, 2024

Ifeoluwa Dada

According to the president’s office, Uganda is in negotiations with Sinohydro Corporation Limited of China to build a $180 million power transmission line that would enable Uganda to export electricity to South Sudan, which is severely short on energy.

Ugandan President Yoweri Museveni received a group led by Vice President of Sinohydro Corporation Yang Yi Xin on Monday as part of the negotiations, according to a late-morning statement from Museveni’s office.

The project, according to the statement, will entail building a new substation and expanding two existing ones in addition to building a 138-kilometre high-voltage transmission line to provide power to South Sudan.

“We are very much willing to help develop this project with the required finance if needed,” Xin was quoted as telling the president.

The statement stated that Museveni endorsed Sinohydro’s proposal to carry out the project. Uganda and South Sudan inked a power sales deal in June of last year, enabling Uganda to sell electricity to South Sudan.

To enable Uganda to export electricity to South Sudan, the two nations inked a power sales deal in June of last year. The Chinese firm is completing a $1.5 billion, 600-megawatt hydropower project on the River Nile in Northern Uganda that is meant to be the source for electricity exports to South Sudan.

VenturesNow

Uganda considers nuclear energy to meet increased electricity demand

Published

3 hours ago

May 15, 2024

Ifeoluwa Dada

Uganda’s Ministry of Energy and Mineral Development announced on Tuesday that it was collaborating with the International Atomic Energy Agency (IAEA) to develop nuclear energy in the country as power demand rises.

Irene Batebe, permanent secretary of the ministry, stated that the government, with the assistance of the IAEA, is investigating and evaluating uranium deposits to ensure a sustainable supply of nuclear fuel for the projected nuclear power plants and research reactors.

“Uranium is the most widely used nuclear fuel material in nuclear power plants and research reactors and is required for Uganda’s nuclear power program.

“The planned nuclear power capacity will require about 4,000 tons of Uranium annually when fully operational. Thus, there is a need for sustainable sources of uranium,” she said at the opening of the nine-day meeting with the experts from the IAEA.

Batebe stated that the government is modifying the Atomic Energy Act of 2008 to tighten the legal framework for the exploration, mining, and processing of nuclear fuel reserves. She stated that even if completely exploited, the country’s electricity generation capacity from hydro, biomass, geothermal, and peat will fall short of Uganda Vision 2040 ambitions.

“To meet our development targets, nuclear energy among other sources must be integrated in the electricity generation mix,” she said.

The Cabinet approved the Energy Policy for Uganda, 2023 in April 2023, which envisions the long-term development of 52,481 MW of generation capacity to meet future demand, with nuclear power accounting for 24,000 MW.