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Company News of Friday, February 1, 2019
Source: citibusinessnews.com
2019-02-01
The decision was taken at an extraordinary meeting held on Thursday, January 31, 2019.
The Millennium Development Authority (MiDA) has postponed the takeover of the Ghana Electricity Company (ECG) by Power Distribution Services (PDS).
The takeover was scheduled to take place on February 1st.
According to a statement from the authority, forwarded to Citi Business News, the decision was taken at a special meeting held on Thursday, January 31, 2019.
He explained that the Board of Directors of the Millennium Development Authority (MiDA) has acknowledged "the significant progress made by all stakeholders involved in the PSP ECG transaction to meet the various prerequisites for the transfer of badets and activities. of the electricity company of the province ". Ghana Ltd (ECG) to MM. Power Distribution Services (PDS) Ghana Ltd. ".
"MiDA is confident that the transfer will take place in the coming weeks. The Board approved an extension of the deadline for parties and stakeholders, namely the Government of Ghana (GOG), the ECG and the PDS, to conclude their consultations and finalize work on some critical aspects of the transaction, in order to facilitate a smooth transfer ".
"MiDA wants to badure Ghanaians that it will continue to meet high standards of transparency throughout the process. MiDA will announce a new transfer date in early February, "he said.
The latest decision comes after Martin Eson-Benjamin, CEO of MiDA, announced that PDS will resume operations, badets and management of ECG on February 1.
"We have gone through many processes and now I can tell you that everything is almost over for the new company to take over on February 1st. The takeover will bring efficiency and we will all see the improvement of the new company, "Mr. Eson said. -Benjamin said earlier.
Context
The decision to entrust a private sector player with the management of the ECG business began after Ghana won the Power Two Pact, which is expected to inject some $ 900 million into the ECG. Ghana signed the Power Compact with the United States of America acting through the Millennium Challenge Corporation (MCC), an independent US government agency, on the sidelines of the African Leaders' Summit. United States in Washington, August 5, 2014.
As part of the Power Compact, six projects are under way to address the root causes of the unavailability and unreliability of power in Ghana.
The project includes an ECG Financial and Operational Rehabilitation Project, a NEDCo Financial and Operational Rehabilitation Project, a Regulatory Strengthening and Capacity Building Project and an Access Project.
The others are projects to improve the power generation, energy efficiency and demand management sector.
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