NEWS FLASH
Good News for Liberia -As Fiscal Transparency ‘‘Significantly Improved’’, Stable, Affordable Electricity Imminent

Good News for Liberia -As Fiscal Transparency ‘‘Significantly Improved’’, Stable, Affordable Electricity Imminent Featured

Today, the U.S. Department of State will release the 2022 FISCAL TRANSPARENCY Report, which grades FISCAL TRANSPARENCY as "Significantly Improved " in Liberia.

A few weeks ago, the IMF rated fiscal and monetary policy as well as   governance in Liberia as "SIGNIFICANTLY IMPROVED".

In November, the MCC scorecard will sustain this narrative as Liberia looks to pass at least 12 indicators, including FISCAL POLICY' which it has only passed twice since 2007. 

It has also been reported that Liberia’s preparation to connect to the CLSG grid to avail stable, affordable electricity.

‘‘This will only be possible because we would spend US 65 million made possible by increased domestic revenue performance. To God be the Glory and thanks to the wonderful leadership of President George Manneh Weah. Mr President, these are the seismic, colossal moments that will define and shape the arc of your presidency!! Liberia shall certainly rise beyond its zenith!!’

These latest developments have been described as a Good News for Liberia.
Accordingly, Liberia is preparing to connect to the West African Power Pool TRANSCO CLSG interconnection line in an effort to increase electricity access in the country.
Liberia is also preparing to sign all commercial framework documents with Cote d’Ivoire, which supplies the electricity, and TRANSCO CLSG, which transports the energy.
The Government of Liberia is working closely with TRANSCO CLSG, development partners and Cote d’Ivoire to undertake measures to rebuild the country’s electricity infrastructure and improve access to electricity for its population.

Liberia has one of the lowest electricity access rates in the world. Less than 15% of the population in Monrovia has regular access to electricity and the situation is even more dire in the rural areas.
Liberia’s economy is severely constrained by a lack of access to reliable and affordable electricity. This makes electricity the single largest component of operational expenses in Liberia for businesses. The government has identified the lack of reliable and affordable electricity, along with a poor road network, as binding constraints to the country’s growth.
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State utility Liberia Electricity Corporation (LEC) continues to restore limited electricity to parts of Monrovia, particularly to many larger facilities such as hotels, restaurants and office buildings, which normally depend on the use of privately-owned generators to supply electricity to their premises.
The Mount Coffee hydro plant could enable Liberia to export electricity to the West Africa Power Pool project (WAPP) inter-connection grid. This grid has been constructed and is ready to electrify the country once the government concludes the signing of commercial frameworks papers with Cote d’Ivoire and TRANSCO CLSG, which is already connecting the towns in Sierra Leone and Guinea.
The TRANSCO CLSG is a multi-donor-supported project intended to increase electricity access for the rural communities in border regions of Liberia, Guinea, Sierra Leone and Ivory Coast. Some major population centers along Liberia’s borders, such as the city of Ganta and its surrounding towns, are already electrified by the WAPP cross-border project.
Liberia is yet to sign the Power Purchase Agreement (PPA) and the Transmission Service Agreement (TSA), but according to the Minister of Mines and Energy, Gesler Murray, the government is doing everything to ensure these documents are signed within 60 days to improve people’s access to affordable and reliable electricity.
Minister Murray attended the high-level Steering Committee meeting of TRANSCO CLSG project in Abidjan where he held fruitful discussions with Ivorian authorities including his counterpart of Cote d’Ivoire and TRANSCO CLSG management on the way forward to ensuring that Liberians get access to reliable electricity. He noted that energy is very important for development and so it is incumbent on all sovereign states to provide affordable and reliable electricity to all.
He acknowledged the role of the development partners including the World Bank, African Development Bank, the European Investment Bank, and the German Development Bank (KfW) in making the CLSG project practical. He encouraged member countries to strengthen existing bond to implement such a great energy project because of common problems and issues the region is faced with.
Murray emphasised that the CLSG regional collaboration is further necessary because of the significance of shared resources and shared destiny as everyone yearns for as prosperous African nations.
“Liberia is happy,” Murray disclosed and added that the country looks forward to reviewing the recommendations from the TRANSCO CLSG Implementation Committee meeting. “We (the government and people of Liberia) want to see TRANSCO CLSG commercially viable for the interest of all.
The management of TRANSCO CLSG recently applauded the Liberian government’s decision to allocate $14 million through the recast budget for 2022 towards efforts to improve access to stable and affordable electricity in the country.
The appropriation was passed by the National Legislature and signed into law by the President. Liberia is expected to sign all commercial framework documents including the Power Purchase Agreement (PPA) with Cote d’Ivoire and the Transmission Service Agreement with TRANSCO CLSG, which will pave the way for the delivery of light to millions of Liberians who are patiently awaiting the electricity.

 

Read 845 times Last modified on Tuesday, 27 September 2022 08:18
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