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RESPONSE BY MILLENNIUM DEVELOPMENT AUTHORITY (MiDA) TO MYJOYONLINE ARTICLE: “MiDA DIRECTED TO HALT PRIVATISATION OF ECG”
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11TH SPECIAL MEETING - Summary of Minutes
SUMMARY OF THE 11TH SPECIAL MEETING OF THE BOARD OF DIRECTORS OF THE MILLENNIUM DEVELOPMENT AUTHORIT...
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Program Implementation Agreement
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Ghana Power Compact
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Conditions Precedent for ENTRING INTO FORCE
The Government will proceed in a timely manner to complete all of its domestic requirements for this Compact to enter into force. The Parties understand that this Compact and the PIA, upon entry into force, will prevail over the domestic laws of Ghana.
Before this Compact enters into force:
(a) the Program Implementation Agreement must have been signed by the parties thereto;
(b) The Government must have delivered to MCC:
- a letter signed and dated by the Principal Representative of the Government, or such other duly authorized representative of the Government acceptable to MCC, confirming that the Government has completed its domestic requirements necessary for this Compact to enter into force and that the other conditions precedent to entry into force have been met;
- a signed legal opinion from the Attorney General of Ghana (or such other legal representative of the Government acceptable to MCC), in form and substance satisfactory to MCC;
- complete, certified copies of all decrees, legislation, regulations or other governmental documents relating to the Government’s domestic requirements necessary for this Compact and the PIA to enter into force, which MCC may post on its website or otherwise make publicly available;
(c) MCC shall not have determined, at the time of this Compact’s entry into force, that the Government has engaged in a pattern of actions inconsistent with the eligibility criteria for MCC Funding;
(d) The Government must have delivered to MCC evidence:
- that the tender documents for an Acceptable ECG PSP Transaction have been released for competitive selection through an open and transparent process acceptable to MCC;
- of substantial compliance with the Gas Action Plan, including providing copies of the executed agreements required in accordance with the Gas Action Plan;
- that a long term Gas Sector Master Plan, acceptable to MCC, has been approved by the Government;
- of substantial compliance with the Electric Distribution Utility Payment Action Plan; and
- of approval and implementation of quarterly tariff adjustments in accordance with the existing formula for each of the calendar quarters between the initial CIF Disbursement and entry into force of this Compact.
For the avoidance of doubt, the conditions specified reflect policy commitments made by the Government prior to the execution of this Compact.
Date of Entry into Force.
This Compact will enter into force on the date of the letter from MCC to the Government in an exchange of letters confirming that MCC has completed its domestic requirements for entry into force of this Compact and that the conditions precedent to entry into force have been met to MCC’s satisfaction.
This Compact will remain in force for five (5) years after its entry into force, unless terminated earlier under Section 5.1 (the “Compact Term”).