Meralco to take over ECG soon as Cabinet approves deal

By PrimeNewsGhana
Meralco to soon takeover ECG as Cabinet approves deal
Meralco to soon takeover ECG as Cabinet approves deal

Cabinet has approved the proposed takeover of Electricity Company of Ghana (ECG) by Melraco Consortium.

 This should pave the way for parliament to scrutinize documents covering the planned takeover.

Chief Executive Officer of Millennium Development Authority (MiDA), Martin Esson Benjamin told JoyBusiness at the launch of the Ghana Power Compact Internship and Mentoring programme that all the necessary work has been done for parliament’s consideration.

“It is gone past cabinet, we don’t know the outcome of parliament but I know cabinet had a good look at it and they were comfortable with it,” he said.

Read also: Two Koforidua boys use cassava waste to generate electricity

Mr. Esson Benjamin explained the processes involved in the ECG privatization.

“You will need an additional seven months to discuss a lot of related issues. The basic agreements have been discussed and negotiated and everybody is comfortable.

But it is like having now been given keys to a house and have some work to do together before you hand over the keys to the person who is going to be the next tenant”, he said.

Under this compact, six projects will be implemented to address the root causes of the unavailability and unreliability of power in Ghana which are ECG Financial and Operational Turnaround Project, NEDCo Financial and Operational Turnaround Project, Regulatory Strengthening and Capacity Building Project, and Access Project.

Others include Power Generation Sector Improvement Project and Energy Efficiency, and Demand Side Management Project.

Source: myjoyonline.com

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