ECG finally sold - company to take over on February 1

Assets and operations of the Electricity Company of Ghana will from February 1 be taken over by Power Distribution Services (PDS) Ghana Limited.

Meralco Consortium, a Filipino power company which won the bid to take over the operations of ECG is a major shareholder in PDS Ghana Limited.

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The take over is expected to see the power distribution company receive some funds to expand its operations as well as build a new bulk station in Pokuase in the Greater Accra region.

According to a report sighted by YEN.com.gh on Citifmonline.com, the CEO of Millennium Development Authority (MiDA); Martin Eson-Benjamin, in an interview with Citi FM, disclosed that the company will be injecting 580 million dollars into ECG.

“We have gone through many processes and now I can tell you that everything is almost completed for the new company to take over. The takeover will bring efficiency and we will all see the improvement in the new company," he assured.

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Mr. Eson-Benjamin added that hopefully, the money will turn around the operations of the ECG to help stabilize the country’s power distribution and as well, the company will work to remove leakages and financial losses in the system.

Commenting on rumors of job losses following the takeover, Mr. Eson-Benjamin reiterated that no worker of ECG will lose their jobs under the Power Compact Two.

“President Nana Akufo-Addo himself has given the assurance and has stated publicly that no worker will lose his or her job," he said.

"I also want to assure you that no worker will lose their job under the agreement.Workers should go ahead and do their jobs as expected and nobody will lose their jobs,” he stressed.

“This is free money. It is free money for Ghana to benefit from. We must all as a nation help to get this money to improve our power sector," he added.

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Source: YEN.com.gh