Home / News / Pressure Group Challenges Government To List ECG On The Ghana Stock Exchange If ECG Is Performing Poorly

Pressure Group Challenges Government To List ECG On The Ghana Stock Exchange If ECG Is Performing Poorly

A Pressure Group calling itself “Save ECG Now” is challenging Government to float the shares of Electricity Company of Ghana ECG and Northern Electricity Distribution Company NEDCO on The Ghana Stock Exchange if Government thinks that, ECG is running at a loss hence the possible take-over by The Millennium Development Authority, on concession, will solve the plight of The Company.
According to The Convener of the Group, William Borye, political infiltration and Government refusal to pay its debt owed ECG is stifling the commercial viability of The Electricity Company Ghana.
He further attributed that, the continuous stay in office by The Managing Director Of ECG, although due for retirement, is ploy to get ECG sold.
Addressing a News Conference in Accra, The Convener of the group William Borye, said, MiDA, sole-sourced The IFC to act as transactional Advisors to assist Government make a decision on the nature and form of the proposed privatization of Electricity Company Of Ghana and Northern Electricity Distribution Company.
According to him, findings revealed that, Tema Region of The Electricity Company of Ghana, alone makes revenue of 768 million cedis annually; hence the price being paid for the concession is a pea nut.
The Convener of the group went further to state that, Government owed ECG in excess of 500 million USD contrary to the low figure often quoted by Government’s assignees.
He added that, lack of reflective tariffs, continuous non-payment of bills by State Institutions, political interference in the administration of Electricity Company Of Ghana And The Northern Electricity Distribution Company through.
The Self Help Electrification Project which is currently being executed by The Ministry of Power, amidst the inadequacies of power generation, affects volume of sales and turnover.  
Delving deeper, the group hinted that, the continuous stay in office by The Managing Director of ECG Robert Dwamena, although due for retirement is aimed at getting the company sold and to render over 600 workers of ECG Workers retrenched.
The group again called on teeming masses to resist the sale or the privatization of ECG. This according to them will result in monopolization of the energy sector.
Source: Radionxyzonline.com/ Ibrahim Obeng-Mensah

Leave a Reply

%d bloggers like this: