Monday 11 December 2017

Ghana’s electricity firm sold to private concessionaire

Ghana’s electricity firm sold to private concessionaire
(APA 08/11/17)

After heated agitations between workers of the state-owned Electricity Company of Ghana (ECG) and the government over sale of the company, the deal has been signed sealed, APA has learnt here on Friday.

This came to light when the Minister of Energy Mr Boakye Agyarko in his inauguration of the Board of Directors of the ECG on Thursday charged the Board Members to hand over all assets of the company to the private investor.

This is as a result of Ghana securing a grant of US$498.2 million from the Millennium Challeng Account from the United States of America for the concession agreement which span 20 years of lease of the ECG.

He said the funds would be disbursed over five years period and would be used to invest in the power sector.

Meanwhile political analysts say the deal would result in laying off of some workers of the ECG which will exacerbate already high unemployment in the country.

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