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Power giant, Siemens has sealed a deal with Ghana to upgrade the nation’s electricity grid with €250 million fund from Germany.

The Memorandum of Understanding was signed by Siemens and the Ghana Grid Company Limited. Present at the signing was the President of Ghana, Nana Akufo-Addo, alongside the President and Global Chief Executive Officer of Siemens AG, Joe Kaeser.

Siemens signs €250m electricity deal with Ghana 

Details of the agreement: The agreement entails the two companies working hand in hand to upgrade and extend Ghana’s transmission infrastructure. Also, they are to improve the country’s grid capacity and stability while expanding a stable power export to neighbouring countries in the West African Power Pool.

Siemens boss, Kaeser praised the Ghanaian leadership on the eagerness to transform the country through this collaboration.

“We applaud Ghana for all its achievements under the leadership of President Nana Akufo-Addo. We are eager to contribute to Ghana’s successes by creating local value and being a powerful and reliable regional partner to the country’s socio-economic development goals. 

[READ MORE: President Buhari finally signs Siemens electricity deal facilitated by Germany’s Angela Merkel)

“Access to electricity is an imperative need for the people and business and, thus, for the economic success of any economy. As Ghana has significantly invested in generation capacity, there is now an urgent need to build a reliable, affordable and sustainable electrical network for the country and its people.

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 “With our proven and unique end-to-end electrification solutions, our expertise, and reliability, Siemens can be a technology partner and help the country achieve its objectives,” Kaeser said.

Kaeser concluded by saying how pleased Siemens was to enter the partnership and contribute to the growth and development of Ghana.

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Recall that Nigeria also signed a power sector deal last year with Siemens which would lead to the production of 25,000MW of electricity in the country by 2025. At the meeting between the presidency and the management of Siemens, the president set a goal of achieving 7,000MW and 11,000MW of reliable power supply by 2021 and 2023 respectively.

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