Business News of Thursday, 16 March 2017
Pressure has begun mounting on the newly constituted board of the Millennium Development Authority (MiDA) on what it should prioritise within its mandate. The 11-member board inaugurated by President Nana Addo Dankwa Akufo-Addo this week with a task on the members to find practical solutions to Ghana’s energy crisis.
It is also to advise the government on the way forward on the implementation of the Compact two of the millennium challenge account which is geared towards improving the country’s power sector. Even before the board begins its work, the Senior Staff Association of the Electricity Company of Ghana is urging the board not allow private participation in the operations the company as required under the Compact.
National chairman of the Association, Patrick Tetteh Benyami said “anytime there is PPP, utility tariffs go high and the Ghanaian is not ready to pay more. Also, since these private companies will concentrate in the cities, there will be an increase in rural urban migration”. For Energy expert Kwadwo Poku, the board should consider building the capacity of the ECG than listing the company on the Ghana stock market.
“The electricity company of Ghana needs capacity building; a resuscitating than listing on the stock exchange. Let’s build it and make it attractive first”, he advised. But campaign coordinator of the Integrated Social Development Centre, Dr Steve Manteaw disagrees with those opposing the listing of ECG on the stock market. “We can put the ECG through other ownership forms, including listing on the stocks market. It worked for GOIL, and their entities and it will work for the ECG. So it should be topmost for the new board,” he argued.