The Deputy Minister of Power says cabinet has approved the option of private participation in the operations of the electricity Company of Ghana (ECG).
[contextly_sidebar id=”RupN1fD0uUo6EujA8h0gVoMjF84xb08S”]According the Deputy Power Minister John Abdulai Jinapor, the move will allow the new partners to inject new capital, and use their skills to make the company more efficient.
Ghana is preparing to implement the second Millennium Challenge compact of some 490 million dollars which is aimed at addressing the challenges in the entire power supply value chain, specifically in generation, transmission, distribution.
Speaking to Citi Business News, John Abdulai Jinapor said government would soon appoint a transition advisor to help in appointing a concessionaire.
“The concession is simply to engage a partner from the private sector with ECG and to support them with capital injunction, skills training, and also bring to bear their technological no how in order to make ECG much more efficient and much more responsive. And so we will get a transactional advisor who will advise us on the details and modalities for adopting the concessionaire who will support and partner with ECG.”
Deputy Minister of Power John Abdulai Jinapor clarified tha ECG was not for sale as the asset and all other properties of ECG remains for the company and the people of Ghana but government is allowing a private partner to work with ECG to reduce the company’s the huge losses.
The Deputy Minister of Power spoke at a seminar organised by the Millennium Development Authority (MIDA).
Meanwhile the US Ambassador to Ghana Gene Cretz told Citi Business News that as part of President Obama’s power initiative the second Millennium Challenge compact is to revolutionarize the power sector in Ghana.
“The whole idea of the compact two is to revamp the power sector in Ghana; we know that power is the key to development. You know that has been clear by President Obama’s power Africa initiative. So this is an opportunity for Ghanaian businesses to get in and contribute to get in and to contribute to the future of the country. These are going to be very critical and important projects with each one of them contributing to what I will call the revolutionary change in the country’s power profile.”
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By: Norvan Acquah-Hayford/citifmonline.com/Ghana