President Akufo-Addo says ECG concession terms amended to allow Ghanaians 51% stake


President Nana Addo Dankwa Akufo-Addo has stated that government will want 51 percent stake in ECG privatisation compact. 

He said government will stand by its decision to amend the Private Sector Participation compact of the Electricity Company of Ghana with the Millennium Challenge Corporation.  

Under the agreement, which is known as the Power Compact II, government is expected to allow about 80 percent private sector control in ECG. 

The move is expected to bring in a cash injection of about one billion dollars over a period of 5 years. 

Addressing Ghanaian workers in Accra, President Akufo-Addo maintained that government wants more than the 20 percent control agreed by the former government, to protect ECG workers from being sacked.  

He said government has amended the terms of the concession agreement to require that Ghanaians own at least 51 percent of the concession.  

Besides, there should be no involuntary layoffs as a result of the concession, adding that, the term of the concession will be reduced from 25 years to 20 years.  

President Akufo-Addo observed that the new terms will benefit Ghanaians and protect ECG workers, who have been apprehensive over the compact. 

GBC