Ghana has acquired funds to enable it to work towards the proposed West African interconnected transmission grid, as part of efforts to facilitate the operation of the West African Power Pool.

The Ministry of Finance and the Volta River Authority (VRA) on Friday signed a loan agreement of 16.5 million dollars (140.3 billion cedis) with the Kuwait Fund to start a transmission project at the Aboadze Thermal Station.

The project would be implemented in the next 18 months. The VRA is expected to utilize part of the money to implement a project to transmit power from the Western to the Eastern corridor of the country.

Mr Yaw Osafo-Maafo, Minister of Finance, Mr Jabesh Amissah-Arthur, Acting Chief Executive of the VRA and Mr Abdul Al-Bader, Deputy Director-General of the Kuwait Fund, signed for their respective organizations.

Mr Amissah-Arthur explained that the current interconnectivity of power supply within the sub-region was that of mutual support among Ghana, Cote d'Ivoire, Togo and Benin.

He said the loan would enable the VRA to build another line from Aboadze to Tema and increase the capacity of the thermal plant and the voltage of power supplied.

This is expected to enhance transmission and distribution of power within the country and to be able to support the neighbouring countries as and when it is required.

Mr Amissah-Arthur expressed the hope that more efforts would be made by other countries in the sub region to bring to fruition the establishment of the power pool.

Mr Osafo-Maafo said government's efforts to acquire the loan were part of the drive to improve access to reliable power supply, which was critical for socio-economic development.

He said apart from the boost to transmission capacity, the project would also enhance the system's security and reliability and reduce system losses.

The Minister said the government had proposed to the Kuwait Fund for assistance to rehabilitate the Korle-Bu Maternity and Children's blocks and called for a favourable response from the Fund.

Mr Al-Bader said the loan brought to eight the number of loans extended to Ghana totalling about 160 million dollars.

Some of the projects include the Kpong Hydroelectric Project and the Korle Lagoon Ecological Restoration Project