ECG has not been sold; has new focus – Managing Director

General News of Wednesday, 26 September 2018

Source: www.ghanaweb.com

2018-09-26

play videoManaging Director, ECG – Samuel Boakye-Appiah

Contrary to reports and claims that Ghana’s primary electricity distributor, ECG has been sold out to a private firm, Managing Director, Samuel Boakye-Appiah has disclosed otherwise. According to Mr. Boakye-Appiah, the Electricity Company of Ghana has taken a new focus and direction following a partnership with a private investor.

Philippine’s Energy giants Meralco have signed a 20-year agreement with the energy distributors holding 49 percent.

“I wish to take this opportunity to assure all stakeholders that the introduction of a private sector participant in ECG distribution business, ECG will be restructured and repositioned with a new focus. Contrary to the view that is held out there ECG has not been sold. ECG is still existing and will continue to exist”, he explained.

The concession agreement between the government of Ghana and a consortium of investors, led by Manila Electric Company (Meralco), for private sector participation (PSP) in the Electricity Company of Ghana (ECG) is to take off fully by February, 2019

Background

Government in its quest to restructure and streamline the operations of the power distributor, ECG, disclosed that it is going to allow private sector participation to allow the national power distributor make profit and provide quality service to its clients.

Ghana signed the Power Compact with the United States of America acting through the Millennium Challenge Corporation (MCC), an independent United States government agency, on the sidelines of the US Africa Leaders’ Summit in Washington DC on August 5, 2014.

Under the Power Compact, six projects will be implemented to address the root causes of power unavailability and unreliability in Ghana

The project includes: ECG Financial and Operational Turnaround Project; NEDCo Financial and Operational Turnaround Project; Regulatory Strengthening and Capacity Building Project; and Access Project.

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